International Business Machines Corp. Q1 Profit Decreases, But Beats Estimates

(RTTNews) - International Business Machines Corp. (IBM) announced earnings for first quarter that decreased from the same period last year but beat the Street estimates.

The company's bottom line totaled $1.055 billion, or $1.12 per share. This compares with $1.605 billion, or $1.72 per share, last year.

Excluding items, International Business Machines Corp. reported adjusted earnings of $1.517 billion or $1.60 per share for the period.

Analysts on average had expected the company to earn $1.43 per share. Analysts' estimates typically exclude special items.

The company's revenue for the period rose 0.5% to $14.541 billion from $14.462 billion last year.

International Business Machines Corp. earnings at a glance (GAAP) :

-Earnings: $1.055 Bln. vs. $1.605 Bln. last year. -EPS: $1.12 vs. $1.72 last year. -Revenue: $14.541 Bln vs. $14.462 Bln last year.

-Guidance: Next quarter revenue guidance: $16.40 - $16.75 Bln