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Shares of tech giant International Business Machines Corp. (IBM) are selling off in after hours trading today after the company posted lower than expected revenues for its second quarter.Analysts had been expecting to see the company show revenues of $24.17 billion during the quarter, but actual revenues were a bit lower at $23.7 billion.
Revenues were hurt by the strengthening dollar during the quarter, with the company attributing $500 million in revenue deductions stemming from currency conversion. IBM gets the majority of its revenues from outside the U.S.
While quarterly revenues were lower than expected, earnings came in above estimates at $2.61 per share. Analysts had been expecting to see $2.58 for the quarter. During the same period last year the company had earnings of $2.32 per share.
IBM stated that the company is "confident of our ability in the second half of the year to continue our strong business performance, grow profit and drive shareholder returns."
Looking forward, IBM did raise its full year earnings forecast to "at least $11.25", up from a previous estimate of $11.20.
IBM shares are currently trading down 4% in after hours trading.
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Reader Comments (Page 1 of 1)
7-20-2010 @ 6:49AM
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