search

Web Search powered by YAHOO! SEARCH
Jul 18, 6:22 PM EDT

International Business Machines Corp. reported lower second-quarter net income and revenue on Monday but the results still topped Wall Street expectations

AP Photo
AP Photo/Toby Talbot

Latest Earnings News
Alphabet posts 2Q profit, results top Wall Street forecasts

Samsung Electronics Co. reported Thursday forecast-beating earnings results that were the best in two years as consumers snapped up its Galaxy smartphones in signs of a revival in its mobile phone business

Comcast reported second-quarter net income of $2.03 billion, or 83 cents per share

Japanese video game maker Nintendo Co. sagged into a loss of 24.53 billion yen ($232 million) for the fiscal first quarter through June, despite the global success of the "Pokemon Go" augmented reality game

Hit by the effects of a poor global economy, Swedish wireless equipment maker Ericsson says lower demand for mobile broadband caused second-quarter profit to plummet 26 percent as sales slumped in most markets

Latest News
International Business Machines Corp. reported lower second-quarter net income and revenue on Monday but the results still topped Wall Street expectations

ARMONK, N.Y. (AP) -- International Business Machines Corp. reported lower second-quarter net income and revenue on Monday but the results still topped Wall Street expectations.

The Armonk, New York-based company earned $2.5 billion, or $2.61 a share, in the April-June quarter, down from $3.45 billion, or $3.50 a share, a year earlier.

Earnings, adjusted for costs related to mergers and acquisitions and non-recurring costs, came to $2.95 per share in the latest quarter. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $2.89 per share.

The technology and consulting company posted revenue of $20.24 billion in the period, which also beat Street forecasts. Six analysts surveyed by Zacks expected $20.08 billion.

A year ago, its revenue was $20.81 billion.

Once the dominant PC-maker known as "Big Blue," IBM is confronting a sales slump as it struggles to adapt to changes in the way businesses buy software and other commercial technology. CEO Ginni Rometty has undertaken a plan to revamp its business to shift away from hardware and focus on business analytics, cloud computing, mobile services and security.

IBM shares rose 14 cents to $160 in after-hours trading.

-----

Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on IBM at http://www.zacks.com/ap/IBM

-----

Keywords: IBM, Earnings Report

© 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy and Terms of Use.

advertisement