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IBM profit misses consensus by 27.2% in Q2

International Business Machines Corp. said its second-quarter normalized net income amounted to $2.76 per share, compared with the S&P Capital IQ consensus estimate of $3.79 per share.

EPS decreased 16.0% year over year from $3.29.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $2.72 billion, a decrease of 17.6% from $3.30 billion in the prior-year period.

The normalized profit margin fell to 13.1% from 13.7% in the year-earlier period.

Total revenue declined 13.4% on an annual basis to $20.81 billion from $24.05 billion, and total operating expenses declined 11.7% year over year to $16.62 billion from $18.83 billion.

Reported net income fell 16.9% year over year to $3.53 billion, or $3.58 per share, from $4.25 billion, or $4.23 per share.