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IBM Announces Third-Quarter 2001 Results

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IBM this week announced third-quarter 2001 diluted earnings per common share of $.90, a 17 percent decrease compared with diluted earnings per common share of $1.08 in the third quarter of 2000. Third-quarter 2001 net income was $1.6 billion, a 19 percent decline from $2.0 billion in the year-earlier period. IBM's third-quarter 2001 revenues totaled $20.4 billion, down 6 percent (3 percent at constant currency) compared with the third quarter of 2000.

According to IBM, hardware revenues declined 21 percent (18 percent at constant currency) to $7.5 billion from the 2000 third quarter. Revenues from z900 mainframe servers grew strongly. Revenues from the iSeries mid- market servers increased in all geographic areas, while pSeries revenues declined in part because customers were awaiting the new high- end "Regatta" servers, which were announcedin early October. Personal computer revenues fell significantly, reflecting continued weakness and price pressures in this market. Revenues from IBM's high- end storage product family - - known as "Shark" - - increased year over year. Microelectronics revenues decreased substantially, as expected, principally due to the cyclical downturn that is affecting the worldwide semiconductor and OEM markets.

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