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IBM profit rises on services, software strength
International Business Machines Corp reported higher-than-expected quarterly earnings on Wednesday despite a weakening U.S. economy, helped by strong revenue from technology services and consulting, sending its shares higher. First-quarter net income rose 26 percent to $2.32 billion, or $1.65 per share, from $1.84 billion, or $1.21 per share, a year earlier. Revenue grew 11 percent to $24.5 billion from $22 billion. Currency gains contributed seven percentage points to revenue growth.
Analysts, on average, expected profit of $1.45 per share and revenue of $23.7 billion, according to Reuters Estimates. IBM, the world's largest technology-services company, said in February that strong fourth-quarter growth in services contracts lasting a year or less was paying off. IBM said those benefits gave it more confidence in its U.S. business, even as other technology companies were seeing weaker spending amid concern over the U.S. economy.
Posted by | Thu, Apr 17, 2008 - 02:04 AM
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