Total revenues of US$23.7bn for the third quarter are down by 4pc at tech titan IBM, compared to the same period last year. The company did report an increase in net income for the quarter, which amounted to US$4.0bn, a 6pc increase from US$3.8bn from the year-ago quarter.
Also up 6pc is IBM’s operating (non-GAAP) net income, which totalled US$4.4bn in Q3, compared to US$4.2bn in Q3 2012.
Diluted earnings per share in the third quarter reached US$3.68 per share, up 11pc from US$3.33 per share in the same time period last year.
Operating (non-GAAP) diluted earnings were US$3.99 per share, reflecting a 10pc increase from US$3.62 per share in the year-ago quarter.
“In the third-quarter we continued to expand operating margins and increased earnings per share, but fell short on revenue,” said Ginni Rometty, IBM chairman, president and CEO.
“Where we had identified high growth opportunities and pursued them aggressively – cloud, mobile, business analytics, and security – we continued to show strong growth. This underscores our strategy to continuously transform the company to high value.”
Rometty added that IBM is working to improve execution in its growth markets unit and in elements of its hardware businesses that are under performing.