IBM misses Street 3Q forecasts
ARMONK, N.Y. (AP) — International Business Machines Corp. (IBM) on Monday reported third-quarter net income of $18 million.
The Armonk, New York-based company said it had profit of 2 cents per share. Earnings, adjusted to account for discontinued operations and costs related to mergers and acquisitions, were $3.68 per share.
The results missed Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $4.30 per share.
The technology and consulting company posted revenue of $22.4 billion in the period, which also did not meet Street forecasts. Analysts expected $23.45 billion, according to Zacks.
IBM shares have dropped almost 3 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 2 percent. The stock has risen roughly 5 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. IBM stock research report from Zacks: http://www.zacks.com/ap/IBM