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IBM results fall short of Wall St. forecast

IBM said weakness in the Japanese yen hurt earnings.
Dai Kurokawa/EPA
IBM said weakness in the Japanese yen hurt earnings.
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IBM Corp.’s first-quarter net income and revenue fell due to delays in closing several large software and mainframe computer deals. It earned $3.03 billion, or $2.70 per share, vs. $3.07 billion, or $2.61, a year earlier. Last year’s quarter had more outstanding shares, which lowers per-share results. Excluding some items, earnings were $3 per share, below Wall Street’s expectations of $3.05 per share. IBM still expects adjusted, full-year earnings of at least $16.70 per share.