IBM 4Q Earnings Fall On Low Tech Spending

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IBM on Thursday said fourth-quarter earnings fell from a year ago, the second quarterly decline in a row, as customers concerned about an economic downturn held back on buying new technology.

IBM says it earned $1.33 per share, down from the $1.48 per share it earned in the year-earlier quarter.

IBM, which sells everything from PCs to giant mainframe computers to computer software, says revenues declined, to $22.8 billion from the $25.6 billion in sales it booked during the year-earlier quarter.

Analysts had expected earnings of $1.32 per share within a range of $1.22 to $1.37 per share, according to research firm Thomson Financial/First Call.

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