By Aled Herbert, 8 April 2002 14:55
NEWS Tech shares are poised to go into freefall on both sides of the Atlantic today after IBM issued a late profits warning. The computer giant said revenues will now fall between $18.4bn and $18.6bn - well below the $21bn it previously forecast. First-quarter profits are now expected to be between 66 cents and 70 cents a share - analysts had predicted profits of 85 cents per share. IBM shares fell around 10 per cent in before-hours trading in the US. In London, the FTSE100 index has fallen by 80 points. This is IBM's first profits warning since 1991. The company will report its Q1 2002 results on 17 April. We'll bring you more news on the state of the markets when the Nasdaq exchange opens for trading this afternoon.
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