IBM Corp.
For the three months that ended Sept. 30, Armonk, N.Y.-based IBM said net income was $3.84 billion, $3.19 per share, up 7 percent from $3.59 billion, $2.82 per share, a year ago. Excluding special items, earnings were $3.28 per share, 6 cents per share better than the average estimate by analysts surveyed by FactSet.
Revenue rose 8 percent to $26.16 billion, slightly less than the $26.26 billion that analysts had expected.
Wells Fargo & Co.
Wells Fargo’s net income rose to $4.06 billion, 72 cents per share. In the same period last year, the bank earned $3.34 billion, 60 cents per share.
Revenue fell 4 percent to $19.63 billion, below the $20.24 billion analysts expected. Revenue in the year-ago period was $20.39 billion.
The revenue decrease reflected two issues of concern throughout the banking industry: low interest rates and a host of new regulations.
Net interest income, the money earned from deposits and loans, fell 5 percent to $10.54 billion.
Citigroup Inc.
The New York bank’s earnings rose 74 percent in the third quarter as more customers paid their bills on time. An accounting gain also boosted income.
Citigroup’s net income rose to $3.8 billion because of lower losses from loans and an accounting gain related to the valuation of the bank’s own debt. Citi’s stock fell 1.7 percent to close at $27.93, less than other bank stocks.
Charles Schwab Corp.
Discount broker Charles Schwab Corp. said Monday its third-quarter net income rose 77 percent as more investors turned to the company’s advisory services amid increased market volatility and as stock trading increased.
The San Francisco-based company posted net income of $220 million, 18 cents per share, compared with $124 million, 10 cents per share, a year ago. The year-ago profit was $218 million, excluding certain charges.
Revenue rose 11 percent to $1.18 billion from $1.06 billion a year earlier.
Gannett Co.
The publisher of USA Today and 81 other daily newspapers posted a slight decline in its third-quarter net income Monday as advertising revenue fell.
Gannett earned $99.8 million, 41 cents per share, in the July-September period. That’s down nearly 2 percent from $101 million, 42 cents per share, in the same period a year earlier.
Excluding special items, such as restructuring charges related to job cuts, Gannett earned 44 cents per share, matching analysts’ expectations. The company laid off 700 workers, about 2 percent of its workforce, in June because of a slump in advertising revenue at its newspapers.
Revenue fell nearly 4 percent to $1.27 billion from $1.31 billion.
