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08/04/2002
IBM issue profit warning for the first time in a decade
IBM has shocked financial markets worldwide by issuing a profit warning for the first three months of 2002.
The company said its first quarter revenue would fall 35 per cent to about $18.5 billion from $21 billion a year ago.
Shares slipped in stock markets across the world after the US computer maker said its first quarter performance would come in below expectations. It is the first time in over ten years that the leading PC, software and computer services giant has warned that its figures will disappoint. It was blaming weak computer spending by companies for its warning.
IBM's warning follows the recent election of Samuel J. Palmisano as chief executive officer of the company.
Mr. Palmisano, who is also IBM president and chief operating officer, succeeded Louis V. Gerstner Jr., who will remain IBM chairman until the end of the year.
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The company said its first quarter revenue would fall 35 per cent to about $18.5 billion from $21 billion a year ago.
Shares slipped in stock markets across the world after the US computer maker said its first quarter performance would come in below expectations. It is the first time in over ten years that the leading PC, software and computer services giant has warned that its figures will disappoint. It was blaming weak computer spending by companies for its warning.
IBM's warning follows the recent election of Samuel J. Palmisano as chief executive officer of the company.
Mr. Palmisano, who is also IBM president and chief operating officer, succeeded Louis V. Gerstner Jr., who will remain IBM chairman until the end of the year.
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