This is an archived article that was published on sltrib.com in 2014, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.
Armonk, N.Y. • International Business Machines Corp. (IBM) on Monday reported third-quarter net income of $18 million.
The Armonk, New York-based company said it had profit of 2 cents per share. Earnings, adjusted to account for discontinued operations and costs related to mergers and acquisitions, were $3.68 per share.
The results missed Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $4.30 per share.
The technology and consulting company posted revenue of $22.4 billion in the period, which also did not meet Street forecasts. Analysts expected $23.45 billion, according to Zacks.
IBM shares have dropped almost 3 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 2 percent. The stock has risen roughly 5 percent in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. IBM stock research report from Zacks: http://www.zacks.com/ap/IBM
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Keywords:IBM,Earnings Report