IBM Shares Tumble After Earnings Forecast Misses Estimates

http://www.bloomberg.com/news/articles/2016-04-18/ibm-earnings-beat-estimates-as-currency-counters-sales-decline


IBM tumbled after forecasting second-quarter profit that fell short of analysts’ projections, signaling its multiyear effort to become a purveyor of cloud products and technology using artificial intelligence won’t soon stop its four-year sales slump.


About 38 percent to 39 percent of full-year earnings forecast of at least $13.50 a share will come in the first half, Chief Financial Officer Martin Schroeter said Monday. That projects to about $2.78 to $2.92 a share, compared with the $3.45 average of analysts’ estimates compiled by Bloomberg.