IBM Q2 Profit Tops Estimate; Revenue Misses

(RTTNews) - International Business Machines Corp. (IBM) reported net income for the second quarter of $3.4 billion or $3.50 per share, compared to $4.1 billion or $4.12 per share for the year-ago quarter.

Income from continuing operations for the second quarter was $3.5 billion or $3.58 per share, compared to $4.3 billion or $4.23 per share in the prior year quarter.

Excluding items, operating earnings from continuing operations for the second quarter were $3.8 billion or $3.84 per share, compared to $4.5 billion or $4.43 per share in the second quarter of last year.

Total revenue for the second quarter fell 13.5% to $20.81 billion from $24.05 billion in the same quarter last year.

Analysts polled by Thomson Reuters expected the company to earn $3.78 per share on revenue of $20.95 billion for the second quarter. Analysts' estimates typically exclude special items.

Looking forward, IBM continues to forecast 2015 operating earnings of $15.75 to $16.50 per share. Analysts currently expect the company to earn $15.88 per share for the full year 2015.