IBM and Intel: two financials for the price of one

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Financial performance posts don’t do well here at…unless it’s really bad news. Neither of these is really bad news, so I’ll hit the high points of both for you.

First in the chute is IBM, which reported Q1 2008 earnings today.

IBM logoIBM today announced first-quarter 2008 diluted earnings of $1.65 per share from continuing operations compared with diluted earnings of $1.21 per share in the first quarter of 2007, an increase of 36 percent as reported. First-quarter income from continuing operations was $2.3 billion compared with $1.8 billion in the first quarter of 2007, an increase of 26 percent. Total revenues for the first quarter of 2008 of $24.5 billion increased 11 percent (4 percent, adjusting for currency) from the first quarter of 2007.

Next up is Intel, also reporting Q1 2008 this week

Intel logoIntel Corporation today announced record first-quarter revenue of $9.7 billion, operating income of $2.1 billion, net income of $1.4 billion and earnings per share (EPS) of 25 cents.

While I think net income of $1.4B in the first quarter is pretty good (I made less in my first quarter this year), this performance is actually down 12% from Q1 2007 and down 36% from Q4 last year. Total microprocessor units were lower, and the NAND business had flat revenues.