IBM Corp. took an unexpected hit as net earnings declined slightly during the third quarter on a more than 5 percent decline in revenues.
The Armonk-based company reported a third quarter profit of $3.82 billion, down 0.4 percent from a third quarter 2011 profit of $3.84 billion.
On a per-share basis, earnings rose 4.4 percent to $3.33 a share, from $3.19 a share a year ago, due to there being fewer shares outstanding during the most recent quarter.
Revenues fell 5.4 percent to $24.7 billion, from $26.2 billion a year ago. Analysts surveyed by Thomson Reuters had projected earnings of $3.61 a share and revenue of $25.36 billion.
Ginni Rometty, IBM chairwoman and CEO, said the company is standing by its full-year 2012 operating earnings per share expectation of at least $15.10.
