IBM said that its third-quarter net income rose six per cent, but its revenue fell and missed Wall Street expectations. The company’s stock fell in extended trading.
The Armonk, New York, 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, above Wall Street’s expectation of $3.96.
Revenue dropped 4 percent to $23.7 billion from $24.7 billion. That fell short of the $24.8 billion expected by analysts surveyed by FactSet.
In after-market trading, IBM shares fell $11.23, or 6 per cent, to $175.50. They finished the regular session up $2.07 at $186.73.
IBM said results for the July-September period were helped by lower expenses, including the absence of $408 million in charges related to job cuts that it logged in the year-ago period.
International Business Machines Corp said it still expects to post an adjusted 2013 profit of at least $16.90 per share. Analysts expect earnings of $16.87 per share.