IBM Q1 Profit Meets Estimate; Revenue Misses

(RTTNews) - International Business Machines Corp. (IBM) reported net income for the first quarter of $2.4 billion or $2.29 per share, compared to $3.0 billion or $2.70 per share for the year-ago quarter.

Excluding items, operating earnings for the first quarter were $2.6 billion or $2.54 per share, compared to $3.4 billion or $3.00 per share in the prior year quarter.

Total revenues for the first quarter fell 4% to $22.48 billion from $23.41 billion in the same quarter last year.

Analysts polled by Thomson Reuters expected the company to earn $2.54 per share on revenue of $22.91 billion for the first quarter. Analysts' estimates typically exclude special items.

For the full year 2014, the company continues to forecast earnings of at least $17.00 per share and operating earnings of at least $18.00 per share. Analysts currently expect the company to earn $17.84 per share for the full year 2014.