IBM (IBM) narrowly missed analyst estimates for revenue amidst a tough environment for corporate IT spending, but profit came in on the high end of forecasts, the company announced today.
Nearly every one of IBM’s revenue streams were down, with sales of its Rational software — used in software development — bucking the odds, up 9% y/y. That was largely expected by the Street though.
Ongoing headcount reductions at IBM helped the company shave expenses.
Shares in IBM were down 0.1% after hours.
Q1 Revenue: $21.7 billion vs $22.51 billion analyst consensus
Q1 EPS: $1.70 vs $1.66 analyst consensus
Full-year EPS Guidance: $9.20 vs $9.03 analyst consensus