Ibm Earnings Flat For Second Quarter

Tue., July 21, 1998

From Staff

International Business Machines Corp. on Monday reported flat second-quarter profits amid slower sales of personal computers, price wars in computer chips and reduced consumer demand due to the Asian economic slump.

The results slightly beat Wall Street forecasts. But the drop in hardware and other sales at IBM as well as the strong dollar offset gains in software and the company’s fastgrowing global services unit.

IBM said it earned $1.45 billion in the quarter, roughly even with last year’s second quarter. But profits rose slightly per share, on a diluted basis, to $1.50 from $1.43.

Analysts had expected IBM to earn $1.49 a share, according to First Call.

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Ibm Earnings Flat For Second Quarter

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