we are facing a number of significant short-term issues, including an uncertain global economic environment, ongoing weakness in some parts of Asia and Latin America, and continued price pressures in semi conductors.
More Quotes from Louis Gerstner:
Our second-quarter results are right in line with our expectations and with the view we've been expressing since last October, ... Essentially, we've had three quarters of slow revenue growth, driven by a combination of the Y2K slowdown and a series of actions we've taken to improve our business portfolio. During that time, however, we have been able to produce satisfactory earnings growth.Louis Gerstner
We would like to have seen more revenue in the quarter, but we were held back by three items, ... First, demand for our microelectronics products -- from both outside customers and internal IBM customers -- far outstripped our ability to supply components. Second, the upcoming release of our new high-end server slowed demand for the System390 family of servers. Finally, parts of our software business slowed unexpectedly in September.
Louis Gerstner
These results show the ongoing strength of our broad business portfolio, ... We saw very good customer response to our new System390 servers and continuing strength in services and hard disk drives.
Louis Gerstner
I would admit to you that we could take some credit, but there's a fair amount of luck in that too,
Louis Gerstner
On a positive note, our services business continued to overtake the Y2K pause that pressured the first half of the year, ... Our PC business rebounded strongly, with particularly good demand for our server and ThinkPad products. In addition, our business in Asia continued to grow strongly.
Louis Gerstner
Computers are magnificent tools for the realization of our dreams, but no machine can replace the human spark of spirit, compassion, love, and understanding.
Louis Gerstner
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