International Business Machines Corp. Reports 11% Drop In Q3 Bottom Line

(RTTNews) - International Business Machines Corp. (IBM) reported earnings for third quarter that retreated compared to the same period last year.

The company said its profit dropped to $3.27 billion, or $3.34 per share. This was down from $3.67 billion, or $3.68 per share, in last year's third quarter.

Analysts had expected the company to earn $3.30 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company said revenue for the quarter fell 13.9% to $19.28 billion. This was down from $22.40 billion last year.

International Business Machines Corp. earnings at a glance:

-Earnings (Q3): $3.27 Bln. vs. $3.67 Bln. last year. -Earnings Decline (Y-o-Y): -10.9% -EPS (Q3): $3.34 vs. $3.68 last year. -EPS Decline (Y-o-Y): -9.2% -Analysts Estimate: $3.30 -Revenue (Q3): $19.28 Bln vs. $22.40 Bln last year. -Revenue Change (Y-o-Y): -13.9%

-Guidance: Full year EPS guidance: $14.75 - $15.75