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14 Nov 2002
IBM expects to return to financial growth in 2003 as the computing giant cuts costs and takes market share.
According to Reuters, IBM chief financial officer John Joyce agrees with analyst estimates that earnings per share in 2003 are expected to grow 10 per cent, while revenues are seen to be up about eight per cent.
Further reading
Joyce expects technology spending to increase in the long term and said the IT industry will grow faster than gross domestic product over time.
IBM's growth has been hurt this year by the decline in corporate technology spending that hit some of its businesses, such as its microelectronics division, particularly hard.
But IBM's head of technology, John Kelly, said that he wanted the microelectronics division to return to profit in the fourth quarter and to be profitable in 2003.
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