IBM issues profit warning
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IBM's first-quarter results will fall far short of analysts' expectations, the company said Monday, pointing to "a continued slowdown in customer buying decisions."
The company said it expects to post a profit of between 66 cents per share and 70 cents per share, or between $1.65 billion and $1.75 billion, with revenue coming in at between $18.4 billion and $18.6 billion. Analysts were expecting Big Blue to post a first-quarter profit of 85 cents per share on revenue of $19.65 billion, according to First Call.
In the year-ago quarter, IBM reported a profit of 98 cents per share on sales of $21 billion.
IBM's profit warning is notable for a few reasons. For starters, profit warnings from Big Blue are rare. The company last issued a profit warning in 1991, according to a company representative.
