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Virtualization Expo - IBM Moves To Calm Earnings Fears
The earnings look better than expected though revenues were light about a billion dollars

IBM got a jump on what people fear may be a nasty earnings season and pre-announced its Q3 results Wednesday night after the market closed. It said its income would be up 20% to $2.8 billion on revenues up 5% to $25.3 billion. It also reaffirmed its full-year earnings projection of at least $8.75 a share.

The earnings look better than expected though revenues were light about a billion dollars.

In a canned statement, CEO Sam Palmisano said, “Our results demonstrate that the combination of a steady base of recurring revenue and profits, investments for growth in emerging markets, a range of products and services that deliver value to clients, and a strong and flexible financial foundation give IBM a competitive edge in good times and tough times.”

Like the rest of the market, IBM has had the stuffing kicked out of it, dropping 30 points to $90 in the last nine trading days. In after-hours trading it was trying to make up its 5.33% loss Wednesday.

About Maureen O'Gara
Maureen O'Gara the most read technology reporter for the past 20 years, is the Cloud Computing and Virtualization News Desk editor of SYS-CON Media. She is the publisher of famous "Billygrams" and the editor-in-chief of "Client/Server News" for more than a decade. One of the most respected technology reporters in the business, Maureen can be reached by email at maureen(at)sys-con.com or paperboy(at)g2news.com, and by phone at 516 759-7025. Twitter: @MaureenOGara

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