NEW YORK (AP) — IBM says its first-quarter earnings fell because of a large charge related to reorganizing its work force. Revenue fell amid an ongoing decline in its hardware business.
IBM Corp. said Wednesday that it earned $2.38 billion, or $2.29 per share, in the January-March period. That's down 21 percent from $3.03 billion, or $2.70 per share, a year earlier. Adjusted earnings were $2.54 per share, matching analysts' expectations.
Revenue fell 4 percent to $22.5 billion. Analysts polled by FactSet were expecting $22.9 billion.
For the full year, IBM expects adjusted earnings of at least $18 per share. That's higher than estimates of $17.88.
IBM said a year ago that it would spend $1 billion to reshuffle the types of jobs it needs. That includes layoffs, although IBM hasn't said how many.