IBM net falls 92%; revenue declines 11%

Article Abstract:

IBM reports that profits were down 92 percent and revenue fell 11 percent in the 2nd qtr of 1991. Net income was $114 million, or 20 cents a share, compared with $1.41 billion, or $2.45 a share in the same period in 1990. Revenue was down to $14.73 billion from $16.5 billion, and sales of computer equipment fell 22 percent. And IBM warns that international computer markets continue to decline. IBM listed a charge of $200 million, or 20 cents a share, saying that the company had underestimated the number of employees who will accept severance packages. IBM now believes that about 17,000 employees will leave. IBM's shares were up $2.25 on Friday, Jul 19, 1991, closing at $100.50. In other IBM news, IBM has sued Computer Associates International Inc, expanding IBM claims - originally filed against Comdisco Inc - that leasing companies and customers are illegally breaking leased computers apart and reusing pieces of them.

Computer rental & leasing, Cases, International Business Machines Corp., IBM, CA Inc., CA, Comdisco Inc., CDO, Outlook, Legal Issues, Lawsuits, Leasing, Second Quarter, Work Force Reduction

---

Commodore posts fiscal 4th-period loss, sparking plunge in firm's share price

Article Abstract:

Commodore International Ltd posts a loss for its 4th qtr, ended June 30 1992, of $21.9 million, or 66 cents per share. This loss has resulted in a 25 percent fall in Commodore's share price. The microcomputer manufacturer blames the losses on price competition, lower sales and fluctuating currencies. The company expects to be helped by product introductions for the brisk Christmas buying season. During the same period of the previous year, the company's revenue fell from $216.5 million to $140.7 million, a loss of 35 percent that is credited to Commodore's discontinuation of an IBM-compatible line of microcomputers. Because of its lower price, Commodore stock may be attractive to speculative investors.

Household audio and video equipment, Sales, Commodore International Ltd., Financial Report, Losses, CBU, Fourth Quarter

---

Similar abstracts:

• Abstracts: Apple net fell 2.8% in fiscal first period. Autodesk forecast of earnings drop sends stock reeling. Ashton-Tate is cutting its work force 15% to 20%, predicting wider losses
• Abstracts: Texas Instruments posts quarterly loss, says Fujitsu challenges some royalties. Texas Instruments net fell sharply in second quarter
• Abstracts: Oracle revenue trails forecasts; after-hours stock price slumps. Oracle to post loss of about $27.4 million for its 1st period, despite revenue rise
• Abstracts: Southwestern Bell's net declined 10% in period; slow line growth hurts stock
• Abstracts: Conrades of IBM, demoted last fall, says he'll retire. IBM wants its managers to encourage certain workers to leave the company

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.