I.B.M. net fell 91.9% in quarter; but company sees prospects for gains this year in the U.S
Article Abstract:
IBM reports earnings down 91.9 percent and revenues down 10.7 percent, in the 2nd qtr of 1991. Earnings fell to $114 million, or 20 cents a share, from $1.41 billion, or $2.45 a share, in the same period last year. Revenue was $14.73 billion this year, compared to $16.5 billion in 1990. IBM cites a slowed economy worldwide and increased competitive pressures as reasons for the company's poor showing. There had been rumors that IBM might report a loss. Therefore, the stock market reacted somewhat positively when the news was announced. IBM's shares were up $2.25 on Friday, Jul 19, closing at $100.50.
Publication Name: The New York Times
Subject: News, opinion and commentary
ISSN: 0362-4331
Year: 1991
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I.B.M. sees a gloomy 2d quarter; analysts told that profits may again be disappointing
Article Abstract:
IBM announces that earnings for 2nd qtr 1991 will be less than expected and there could be further special charges related to cost cutting. Earnings forecasts had ranged from 50 cents to $1.10 a share, but the company now says that the actual figure will be less and a loss cannot be ruled out. IBM's stock drops $1.75 when the news is released, to $99.25. Officials at IBM say they foresee a turnaround in the economy and they think IBM will recover in the 3rd qtr and grow modestly in the 4th qtr. Officials at IBM insist that the company is sound, blaming problems on economic conditions.
Publication Name: The New York Times
Subject: News, opinion and commentary
ISSN: 0362-4331
Year: 1991
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Comment about this article or add new information about this topic:
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