NEW YORK (AP) — IBM says its first-quarter net income fell 1 percent on a delay in several of the technology company's software and mainframe computers deals.
IBM Corp. said Thursday that it earned $3.03 billion, or $2.70 per share, in the January-March period. That's down from $3.07 billion, or $2.61 per share, in the same period a year earlier. Last year's quarter had more outstanding shares, which lowers per-share results.
Earnings excluding one-time items were $3 per share in the latest quarter, below Wall Street's expectations of $3.05 per share.
Revenue fell 5 percent to $23.41 billion from $24.67 billion. Analysts polled by FactSet had expected revenue to be nearly unchanged, at $24.65 billion.
Stock of Armonk, N.Y.-based IBM stock is down 3.2 percent to $200.54 in after-hours trading.