IBM Reports 0.5% Decline in Q3 2016 Earnings
$IBM International Business Machines Corp. Earnings Infographic: Q3 2016 Highlights http://hvst.co/2dWSeo8
$IBM posted lower 3Q16 earnings, hurt by higher expenses and significantly lower systems segment sales. $IBM said net income fell 0.5% to $2.85Bil or $2.98 per share from $2.95Bil or $3.01 per share a year ago. Revenue for the quarter fell 0.5% to $19.2Bil.
$IBM 's Cognitive Solutions (CS) and Technology Services & Cloud Platforms (TSCP) segment posted revenue increases for 3Q16, while the other three segment revenue declined. CS revenue rose 4.5%, while TSCP revenue rose 2.4%. Revenue for Global Business Services fell 0.4% and Systems and Global Financing revenue fell 21% and 7.9% respectively.
For FY16, $IBM expects operating non-GAAP diluted EPS of at least $13.50 and GAAP diluted EPS of at least $12.23. Operating non-GAAP diluted EPS exclude $1.27 per share of charges for amortization of purchased intangible assets, other acquisition-related charges and retirement-related charges.
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