Posted on 10/16/2003 7:40:42 PM PDT by dark_lord
IBM was the Dow's second-biggest loser after its revenues disappointed some investors and it warned that the technology sector has not yet bounced back. Its shares fell $3.46, or 3.7 percent, to $89.28.
(Excerpt) Read more at foxnews.com ...
International Business Machines Corp. said third-quarter profit rose 37 percent, helped by acquisitions and a double-digit increase in services revenue.
Net income increased to $1.79 billion, or $1.02 a share, from $1.31 billion, or 76 cents a share, in the year-ago period. Revenue rose 8.6 percent, to $21.52 billion.
IBM said earnings from continuing operations were $1.02 a share, matching analysts' estimates.
Revenue at IBM's services division jumped 17 percent, to $10.4 billion, nearly half the company's total.
IBM said technology spending is picking up, and Chief Executive Sam Palmisano said the company expects to add 10,000 jobs next year.
Go figure....
Fickle share-holders .
Tia
Tia
IBM down over 3% on the day - still up 15% from a year ago!
Day after Merrill Lynch announced record third quarter earnings, DOW up 48, Merrill down 1.3%
Merrill up 50% over last 12 months.
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