It turns out, in fact, that the resilience – the ability to recover from overfishing – of a fish stock is enhanced, not hurt, even if it has been moderately overexploited for decades, offering the possibility of swift recovery if sensible catch limits are placed on it. Philipp Neubauer, a postdoctoral scholar, and Olaf Jensen, an assistant professor of marine and coastal sciences, say the key is in the adaptation of fish to over-fishing. A fish stock is over-fished if [Read More]
IBM is seen as a good gauge of technology demand because it sells to major companies and governments around the world. That said, it’s not immune from economic uncertainty and currency fluctuations, which showed in the quarter’s results.
IBM said Thursday that it earned $3.03 billion, or $2.70 per share, in the January-March period. That’s down from $3.07 billion, or $2.61 per share, in the same period a year earlier. Last year’s quarter had more outstanding shares, which lowers per-share results.
Earnings excluding one-time items were $3 per share in the latest quarter, below Wall Street’s expectations of $3.05 per share.
Revenue fell 5 percent, to $23.41 billion from $24.67 billion. Analysts polled by FactSet had expected revenue of $24.7 billion
“Despite a solid start and good client demand we did not close a number of software and mainframe transactions that have moved into the second quarter,” said IBM CEO Ginni Rometty in a statement. “The services business performed as expected with strong profit growth and significant new business in the quarter.”
Chief Financial Officer Mark Loughridge said on a conference call that weakness in the Japanese yen hurt the quarter’s results. A weak yen translates to fewer dollars for IBM on sales in Japan. Adjusted for currency fluctuations, IBM said its revenue would have only declined by 3 percent for the quarter, rather than 5 percent.
IBM kept its full-year guidance intact. It still expects adjusted, per-share earnings of at least $16.70 for 2013. Analysts predict $16.77. Rometty said the company expects to close the delayed transactions and expects to benefit from investments in growth initiatives. She said IBM is also trying to improve the weaker parts of its business.
The company has been focusing on growing its software business, which is more profitable, over hardware.
Revenue from technology services declined 4 percent during the quarter, to $9.6 billion, and business services revenue fell 3 percent, to $4.5 billion. Software revenue was flat at $5.6 billion, while hardware revenue dropped 17 percent to $3.1 billion.
Shares of the Armonk, New York-based company fell $7.55, or 3.6 percent, to $199.60 in after-hours trading. Before the earnings announcement, the stock had closed down $2.52, or 1.2 percent, at $207.15.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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