IBM 1Q net down on software, mainframe deals delay

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Associated Press

Posted on April 18, 2013 at 4:00 PM

Updated Thursday, Apr 18 at 4:02 PM

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.

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