IBM quarterly results top forecasts

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Báo Đầu Tư English - 85 month(s) ago 13 readings

IBM quarterly results top forecasts

US computer giant IBM posted quarterly results that were better than expected on Tuesday on revived technology spending.

The Armonk, New York-based company said its net profit rose nine percent to $5.3 billion in the fourth quarter over a year ago while revenue was up seven percent to $29 billion.

Earnings per share of $4.18 were better than the $4.08 expected by analysts.

IBM shares were up 2.82 per cent at $150.65 in after-hours electronic trading.

"We completed an outstanding year, with record profit and free cash flow, and exceeded the high end of our 2010 earnings per share roadmap objective," IBM chairman, president and chief executive Samuel Palmisano said.

"We will continue to focus on our long-term strategic initiatives - growth markets, Smarter Planet Solutions, cloud and business analytics - as we drive to achieve our new roadmap target of operating earnings per share of at least $20 in 2015," Palmisano said in a statement.

For the year, IBM said net profit rose 10 per cent to $14.8 billion while revenue was four percent higher at $99.9 billion.

Earnings per share for the year were $11.52 and IBM set a target of $13 for the current year.

IBM said software revenue was up 11 per cent in the fourth quarter, systems and technology revenue rose 21 per cent and mainframe computer revenue soared 69 percent as businesses emerging from the recession began buying again.

Services revenue was two percent higher while business analytics revenue increased 19 per cent, IBM said.

IBM said revenue rose nine per cent in the Americas to $12.2 billion and was 14 per cent higher in Asia-Pacific at $6.6 billion. Revenue from Europe, the Middle East and Africa fell two percent to $9.5 billion.

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