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IBM reports good results, market disagrees

Another true-blue giant to report good results this week, International Business Machines reported on Thursday that it had slightly beaten analysts’ predictions, (earnings per share $2.40 vs $2.38 predicted), and that, while revenue was still 7% down year-on-year at $23.6 billion, it would see growth in the next quarter. The fickle market was still unhappy, this time probably because the analysts were not beaten by a larger margin, (which is probably a new sport on Wall Street) so the shares lost almost 4% in after-hours trading. In the 2010 financial year, IBM expects to quadruple its EPS to more than $10 a share, despite the fact that long-term contracts, the key indicators of forward sales, fell 7%.

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