Скачать или смотреть IBM reports mixed quarter, withdraws 2020 guidance in response to pandemic

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IBM stock moved as much as 4% lower in extended trading on Monday after the company released first-quarter results that showed a return to revenue declines amid the coronavirus outbreak.

Here’s how the company did:

Earnings: $1.84 per share, adjusted
Revenue: $17.57 billion
Analysts surveyed by Refinitiv had expected $1.80 in earnings per share, adjusted, on $17.62 billion in revenue for the first quarter. Comparing IBM’s results against analysts’ estimates is not straightforward, though, given that the coronavirus impacted economies around the world.

IBM withdrew its guidance for the full year in the context of Covid-19, according to a statement. Last quarter IBM’s 2020 forecast was at least $13.35 in earnings per share on an adjusted basis. Analysts had been looking for an adjusted $11.73 in earnings per share, according to Refinitiv. Three months ago the company had forecast growth in revenue, earnings on an adjusted basis, and free cash flow for 2020, along with a higher operating gross margin.

Net income for the quarter totaled $1.18 billion in the quarter, down 26% year over year. Revenue decreased 3.4% on an annualized basis in the first quarter as the company dealt with the spread of coronavirus and directed employees to work remotely. One quarter ago the company ended a streak of five consecutive quarters of falling revenue.

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