First Posted: 10/16/2013
(AP) IBM says its third-quarter net income rose 6 percent, as better profitability offset lower revenue.
The Armonk, N.Y., computing company earned $4.04 billion, or $3.68 per share, up from $3.82 billion, or $3.33 per share, in the same quarter last year. Excluding one-time charges, the company earned $3.99 per share.
Revenue fell 4 percent to $23.7 billion from $24.7 billion.
The profit beat Wall Street predictions, while the revenue fell short. Analysts polled by FactSet expected a profit of $3.96 per share on $24.8 billion in revenue. Its stock fell 6 percent in extended trading.
International Business Machines Corp. says it still expects to post an adjusted 2013 profit of at least $16.90 per share. Analysts expect earnings of $16.87 per share.Associated Press