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Technology Stocks : Dell Technologies Inc.

DELL 130.56

-2.0%

10:58 AM EST

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To: BGR who wrote (111921)	3/24/1999 7:44:00 PM
From: DiViT	Read Replies (2) of 176387

IBM's PC business lost $992 million in '98 news.com By Bloomberg News Special to CNET News.com March 24, 1999, 4:10 p.m. PT IBM's personal computer business lost $992 million last year as the world's No. 1 computer maker cut prices to keep up with rivals. The pretax loss widened from $161 million in 1997, according to the company's annual report. PC revenue fell 11 percent to $12.8 billion from $14.4 billion. Compaq Computer early last year began cutting prices to clear out a mountain of PCs stacking up with distributors and dealers. The cuts spurred IBM, Hewlett-Packard, and others to respond, dragging down revenue and profit. The problem eased, and IBM said its PC business was profitable in the fourth quarter. "Compaq created a [distribution] channel overload. Everyone lost money," said Stephen Dube, a Wasserstein Perella analyst who rates IBM "buy." IBM could add 70 cents a share to its 1999 earnings if its PC business breaks even, Dube said. Concerns about IBM's other computer businesses persist. IBM shares fell 5.2 percent Friday on worries about lower mainframe sales. Copyright 1999, Bloomberg L.P. All Rights Reserved.

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