IBM rode out the triple whammy hitting the IT industry to do better than Wall Street had expected in its second quarter.
Its results, released after the markets closed yesterday, showed earnings of $1.5 billion, or $1.50 a share, a cent better than analysts had predicted. Earnings for the second quarter of 1997 had been $1.4 billion, or $1.43 a share.
Louis Gertsner, IBM chairman and chief executive officer, said the results showed the strength of IBM?s business portfolio. ?We absorbed three major hits that affected the industry: intense price competition and excess inventory in the PC channel; continued severe erosion in Dram chips; and the impact of the Asian crisis. Despite all of these factors we were able to achieve our business targets because of the very strong performances of our services, OEM, and software business,? he said.
However, Gerstner admitted the results had been mixed, with hardware revenues falling 5.2 per cent from the previous year, mainly due to IBM?s weakness in PCs. S/390 mainframe sales also fell, as IBM prepares to ship the latest generation, the G5, in August.
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