IBM Tops Q1 Expectations

SAN FRANCISCO (04/18/2000) - IBM Corp. beat Wall Street expectations for the first quarter of 2000, posting diluted earnings of 83 U.S. cents per share, compared with earnings per share of 78 cents in the same quarter last year.

The consensus of 24 brokers polled by First Call/Thomson Financial estimated IBM would post earnings per share of 78 cents per share.

For the first fiscal quarter of 2000, ended March 31, 2000, IBM's net income was $1.52 billion compared with net income of $1.47 billion in the year-ago quarter, the company said in a statement issued today.

IBM's first-quarter fiscal 2000 revenue was $19.3 billion, down 5 percent from the $20.3 billion the company recorded a year ago.

Lou Gerstner, IBM's chairman and chief executive officer, described the company's results in a statement today as representative of a "transitional quarter." Lockdowns in customers' IT spending due to concerns about the year 2000 (Y2K) problem persisted late into the first quarter of fiscal 2000, Gerstner said.

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

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