IBM (IBM) Posts Q3 EPS of $3.68
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Revenue Growth %: +1.5%
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Total expense and other income: 5.75B
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IBM (NYSE: IBM) reported Q3 EPS of $3.68, $0.64 worse than the analyst estimate of $4.32. Revenue for the quarter came in at $22.4 billion versus the consensus estimate of $23.37 billion.
“We are disappointed in our performance. We saw a marked slowdown in September in client buying behavior, and our results also point to the unprecedented pace of change in our industry. While we did not produce the results we expected to achieve, we again performed well in our strategic growth areas – cloud, data and analytics, security, social and mobile - where we continue to shift our business. We will accelerate this transformation,” said Ginni Rometty, IBM chairman, president and chief executive officer.
“We are executing on a clear strategy that is moving IBM to higher value, and we've taken significant actions to exit nonstrategic elements of the business. This includes the announcement that we will divest semiconductor manufacturing to focus on research and development that will differentiate our systems. We will continue to make the investments and the changes necessary to manage our business for the long term. And we remain fully committed to returning significant value to shareholders through dividends and share repurchase."
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