IBM Reports Third Quarter Oct 17, 2002

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International Business Machines Corp. said its third-quarter earnings fell amid weak demand for technology. Excluding the disk drive business, which the computer services, hardware, and software company plans to sell to Hitachi Ltd. by year end, IBM said its earnings per share rose slightly as it cut costs amid a minor decline in revenue. IBM said its net income was U.S. $1.3 billion, or $0.76 per share, down from $1.6 billion, or $0.90 per share, a year earlier.

The third quarter includes a loss from discontinued operations of $381 million, or $0.22 per share. Of that there was a loss of $140 million, or a loss of $0.06 per share, related to the sale of its hard disk drive business. IBM said there was a loss from discontinued operations of $118 million, or $0.07 per share, in the year-earlier period. Profit excluding most of IBM’s hard disk drive operations rose to $0.99 per share from $0.97 per share a year earlier. Earnings, however, fell slightly to $1.69 billion compared with $1.71 billion a year ago. Revenue from continuing operations was up slightly at $19.82 billion compared with $19.78 billion a year earlier. Revenue from all operations was $20.3 billion, down 1 percent from a year earlier. (Reuters)

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