We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Netflix Inc | NASDAQ:NFLX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
2.36 | 0.43% | 553.00 | 552.60 | 554.70 | 560.39 | 544.25 | 547.30 | 3,473,235 | 00:58:52 |
By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- IBM Corp. stood out among a slate of tech losses Thursday as investors turned against the computer-services giant following a disappointing quarterly earnings report.
IBM (IBM) was off by $7.53 a share, or almost 4%, at $188.98 after the company said late Wednesday that it earned $2.38 billion, or $2.29 a share, for its first quarter ended in March. During the same period a year ago, IBM earned $3.03 billion, or $2.70 a share. Revenue declined by 4% to $22.5 billion.
Excluding one-time items, IBM would have earned $2.54 a share, which was in line with estimates of analysts surveyed by Thomson Reuters, who had also forecast IBM to report $22.91 billion in revenue.
The results showed IBM's lowest quarterly revenue since it reported $21.71 billion in the first quarter of 2009. The main source of IBM's sales drop was the company's hardware sales, which declined 23% from a year ago to $2.4 billion. The company has been moving more into software and cloud-based services and is in the middle of selling its low-end server business to Lenovo Group.
Still, such moves have yet to spur meaningful sales or earnings improvements at IBM. Analyst Brian Marshall, of ISI Group, said the company "has a long history of proactively discarding unattractive businesses" such as hard-disk drives, printers and PCs, but that Chief Executive Virginia Rometty and Chief Financial Officer Martin Schroeter need to take more dramatic action in order to transform the company.
"Unfortunately, the pace of change in tech has only accelerated and we believe the focus now needs to turn to building attractive new multi-billion dollar business lines rather than shedding old ones," Marshall said.
In spite of IBM's losses, much of the tech sector rallied, with SanDisk Corp. (SNDK) among the top gainers. The memory and storage-chipmaker's shares rose 10% to $83.65 after SanDisk reported upbeat quarterly sales and earnings late Wednesday.
Twitter Inc. (TWTR) was up by 4% at $46.19 after the company said MoPub, its new mobile-advertising product, will be able to reach more than 1 billion devices and rival Facebook Inc.'s (FB) user base.
Gains also came from Apple Inc. (AAPL), Netflix Inc. (NFLX), Micron Technology Inc. (MU) and Amazon.com Inc. (AMZN).
The Nasdaq Composite Index (RIXF) reversed course from its early losses and rose 15 points to 4,101. The Philadelphia Semiconductor Index (SOX) was also up by 1.5%.
More must-read tech news from MarketWatch:
5 surefire ways to get taken by ID thieves
Intel pushes into mobile, but finds no profits
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
1 Year Netflix Chart |
1 Month Netflix Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions