IBM tops Q1 expectations

IBM tops Q1 expectations

IBM beat Wall Street expectations for the first quarter of 2000, posting diluted earnings of 83 US cents per share, compared with earnings per share of 78 cents in the same quarter last year.

The consensus of 24 brokers polled by First Call/Thomson Financial estimated IBM would post earnings per share of 78 cents per share.

For the first fiscal quarter of 2000, ended March 31, IBM's net income was $1.52 billion compared with net income of $1.47 billion in the year-ago quarter, the company said in a statement issued yesterday.

IBM's first-quarter fiscal 2000 revenue was $19.3 billion, down 5 per cent from the $20.3 billion the company recorded a year ago.

Lou Gerstner, IBM's chairman and CEO, described the company's results in a statement today as representative of a "transitional quarter". Lockdowns in customers' IT spending due to concerns about the Y2K problem persisted late into the first quarter of fiscal 2000, Gerstner said.

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