Why IBM Stock Dropped 6% Today [The Motley Fool]
International Business Machines Corporation (IBM)
Last international business machines corporation earnings: 4/20 04:08 pm
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Source: The Motley Fool
What happenedShares ofIBM(NYSE:IBMIt's an earnings story.Image source: Getty Images.So whatIBM reported its fiscal Q 00 earnings last night -- and believe it or not, despite today's share price plunge, IBMbeatQ sales were $7.6 billion, down % year over year and roughly in line with analysts' consensus targets, while "adjusted" earnings were $.8 per share, a nickel ahead of Wall Street's prediction for $.79.As calculated according to generally accepted accounting principles (GAAPNevertheless, a beat's a beat, and -- technically, at least -- IBM "beat" on earnings. So why is IBM stock down today?Now whatThe answer is guidance -- or rather the lack thereof. IBM, you see, kind of shot itself in the foot by following up news of its earnings beat by withdrawing its previous guidance for this full year's earnings "in light of the current COVID-9 crisis."While hardly unexpected (tech companieswithdrawing guidanceDuring the quarter, IBM says it generated $. billion in positive free cash flow,
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