IBM Beats Wall Street Expectations

Although IBM Corp. today reported earnings for the fourth quarter of 1999 at US$2.1 billion, or $1.12 per share, down from $2.3 billion, or $1.24 per share for the same quarter last year, the company bested Wall Street predictions.

Revenue for the fourth quarter of 1999 totaled $24.2 billion, down 4 percent from $25.1 billion recorded in the year-ago quarter, IBM said in a statement issued today.

Twenty-four analysts polled by First Call/Thomson Financial predicted average earnings per share for IBM of $1.06.

For 1999 as a whole, IBM reported earnings of $7.7 billion, or $4.12 per diluted share, up from $6.3 billion, or $3.29 per share in 1998.

Worries about the impact of the year 2000 problem slowed revenue for the quarter, Lou Gerstner, IBM chairman and chief executive officer, said in the statement. However, the company posted strong year-long business in its services, software and OEM (original equipment manufacturer) technology sectors, he said.

IBM, in Armonk, New York, can be reached at +1-914-499-1900,or at http://www.ibm.com/.

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