IBM Q2 Profit Shrinks, Raises FY13 Outlook - Quick Facts

(RTTNews) - International Business Machines Corp., or IBM, (IBM), Wednesday reported second-quarter profit of $3.2 billion or $2.91 per share, down from $3.9 billion or $3.34 per share in the comparable quarter last year.

Adjusted earnings for the quarter was $4.3 billion or $3.91 per share. On average, 15 analysts polled by Thomson Reuters expected the company to earn $3.77 per share for the quarter.

Revenues dropped 3 percent to $24.9 billion from $25.78 billion last year. Adjusting for currency, revenues were down 1 percent from last year. Analysts expected revenues of $25.37 billion.

Gross margin improved to 48.7 percent from 47.6 percent last year.

Looking ahead, excluding a $1 billion second-quarter workforce rebalancing charge in the quarter, the company currently projects full-year earnings of $16.90 per share, up from previous guidance of $16.70 per share. Analysts currently expects full-year earnings of $16.64 per share.