April 16, 2014 / 8:21 PM / 3 years ago

IBM revenue misses estimates as hardware sales fall

April 16 (Reuters) - International Business Machines Corp reported lower-than-expected quarterly revenue as weakness in its storage and server businesses continues to offset gains in its software services.

Total revenue fell 4 percent to $22.5 billion in the first quarter, below analysts’ average estimate of $22.91 billion.

The world’s largest technology services company’s net profit fell to $2.38 billion, or $2.29 per share, from $3.03 billion, or $2.70 per share, a year earlier.

On an adjusted basis, the company earned $2.54 per share, in line with analysts’ average estimate, according to Thomson Reuters I/B/E/S. (Reporting by Supantha Mukherjee in Bangalore; Editing by Sriraj Kalluvila)

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