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IBM profit misses consensus by 30.0% in Q3

International Business Machines Corp. said its third-quarter normalized net income amounted to $2.31 per share, compared with the S&P Capital IQ consensus estimate of $3.30 per share.

EPS decreased 15.0% year over year from $2.72.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $2.27 billion, a decline of 16.6% from $2.72 billion in the prior-year period.

The normalized profit margin declined to 11.8% from 12.1% in the year-earlier period.

Total revenue fell 13.9% year over year to $19.28 billion from $22.40 billion, and total operating expenses decreased 13.1% from the prior-year period to $15.66 billion from $18.01 billion.

Reported net income declined 14.2% on an annual basis to $2.96 billion, or $3.02 per share, from $3.45 billion, or $3.46 per share.