IBM’s 3rd-quarter earnings unchanged, dragged down by retirement charge, falling revenue

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IBM\'s 3rd-quarter earnings unchanged, dragged down by retirement charge, falling revenue

ARMONK, N.Y. – IBM says its third-quarter earnings remained unchanged from a year ago despite an unexpected charge and a steeper drop in revenue than analysts anticipated.

The results announced Tuesday included a charge that the technology company took to account for a U.K. court decision that will increase its costs for paying pensions to some of its retired employees.

IBM Corp. earned $3.8 billion, or $3.33 per share, in the July-September period. The company delivered the same net income a year ago, but its per-share earnings were 14 cents lower last year because the company had more outstanding stock then.

Revenue for the quarter fell 5 per cent from last year to $24.7 billion. That figure was about $1 billion below analyst projections.

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