IBM earnings fall

IBM, citing slumping Asian sales and tough price competition, yesterday reported first quarter earnings per share of $1.06, down from $1.15 in the same period last year but in line with market expectations. Net earnings came to one billion dollars, down from $1.2 billion in the first three months of 1997. Revenues increased 2 per cent in the first quarter to $17.6 billion. IBM's chairman, Mr Louis Gerstner, said quarterly results had been affected by acquisition charges and Olympics marketing expenses. But he added that "currency and weakness in Asia also had an adverse impact on our results".