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IBM profit misses consensus by 23.6% in Q1

IBM Corp. said its normalized net income for the first quarter was $2.17 per share, compared with the S&P Capital IQ consensus estimate of $2.84 per share.

EPS fell 8.5% year over year from $2.37.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $2.15 billion, a decline of 12.9% from $2.47 billion in the prior-year period.

The normalized profit margin declined to 11.0% from 11.1% in the year-earlier period.

Total revenue decreased 11.9% year over year to $19.59 billion from $22.24 billion, and total operating expenses fell 11.3% from the prior-year period to $16.18 billion from $18.24 billion.

Reported net income fell from the prior-year period to $2.42 billion, or $2.44 per share, from $2.53 billion, or $2.43 per share.