Business News
IBM earnings rise
Oct 15, 2009, 21:44 GMT
New York - IBM reported a profit boost of 14 per cent as its transition to high-margin software and services helped compensate for a 7-per-cent dip in revenues.
The giant technology firm also boosted its full-year outlook, saying it expected annual earnings of 9.85 dollars a share, up from its previous forecast of 9.70 dollars a share.
The company earned a net third quarter profit of 3.2 billion dollars, up from 2.8 billion dollars a year earlier. Revenue was 23.6 billion dollars, a rise of 1 per cent from the previous quarter, but 7 per cent lower than the same period last year.
'Our long-term strategic shift to higher-value businesses again enabled us to deliver outstanding margin, earnings and cash flow growth in the third quarter,' said Samuel J Palmisano, IBM chairman, president and chief executive officer. 'We also saw improved revenue trends in our business and share gains in software and hardware.'
The company said that revenues were down 5 per cent in the Americas, 12 per cent in Europe/Middle East and Africa and flat in the Asia Pacific region.
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