IBM Shares Slide After Pulling 2020 Profit Guidance Following First Quarter Revenue Miss [TheStreet.com]
International Business Machines Corporation (IBM)
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Source: TheStreet.com
International Business Machines Corp.(IBMGet ReportIBM said non-GAAP earnings for the three months ending in March came in at $1.84 per share, down 18% from the same period last year but 4 cents ahead of the Street consensus forecast. Group revenues, IBM said, fell 3.4% from last year at $17.57 billion, but that figure slightly missed analysts' estimates of a $17.62 billion tally. Quarterly operating profit margins also improved by 15% to 46.2%, IBM said.Looking through to the rest of the financial year, IBM said it will no longer hold to its 2020 earnings forecast, which had estimated non-GAAP earnings of at least $13.57 per share, but would re-assess its near-term future at the end of the current quarter."In the first quarter, we had modest revenue growth ... we entered the quarter in a good position with momentum from the end of last year," CEO Arvind Krishna told investors on a conference call late Monday."We are entering this challenging environment from a relative position of st
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