Subscribe free to our newsletters via your
. 24/7 Space News .

IBM raises earnings outlook as technology spending improves
by Staff Writers
New York (AFP) April 19, 2010

US computer giant IBM lifted its earnings outlook for the year on Monday after posting better-than-expected first quarter results on revived technology spending.

The Armonk, New York-based company said net profit grew 13 percent in the first quarter over a year ago to 2.6 billion dollars.

Revenue increased five percent to 22.9 billion dollars, slightly better than the 22.75 billion dollars forecast by Wall Street analysts.

Earnings per share of 1.97 dollars were better than the 1.93 dollars expected by analysts.

"We drove significantly improved revenue growth rates from the fourth quarter across our businesses and geographies," IBM chairman, president and chief executive Samuel Palmisano said in a statement.

"Looking ahead, we are confident in our ability to grow revenue, and given our mix of higher-value business and productivity we will expand margins, grow profit, cash and EPS (earnings per share)," he said.

Palmisano said he expected full-year earnings per share of at least 11.20 dollars, better than the 11.00 dollars forecast previously and the 11.12 dollars expected by analysts.

"I feel good about the guidance and the business," IBM chief financial officer Mark Loughridge told analysts in a conference call.

IBM was the latest technology company to report improved results. Intel, the world's biggest computer chip maker, last week posted a nearly four-fold rise in quarterly net profit.

As the world's top chipmaker, Intel's fortunes are closely linked to those of the computer market and overall technology spending.

IBM said software revenue was up 11 percent in the quarter which ended on March 31 while Systems and Technology revenue rose five percent and services revenue gained four percent.

IBM said revenue from the Americas grew two percent while revenue from Europe, the Middle East and Africa was five percent higher. Asia-Pacific revenue increased 10 percent.

IBM said it ended the first-quarter 14 billion dollars of cash on hand.

"Growth is returning," said analyst Louis Miscioscia of Collins Stewart. "Finally large corporates are starting to spend again."

IBM shares were selling 2.02 percent lower at 129.56 dollars in after-hours electronic trading.


Related Links
Space Technology News - Applications and Research

Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks DiggDigg RedditReddit GoogleGoogle

Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

Playing 'Pong' With The Blink Of An Eye
London, UK (SPX) Mar 31, 2010
University students have developed a computer game that is operated by eye movements, which could allow people with severe physical disabilities to become 'gamers' for the first time. The students, from Imperial College London, have adapted an open source game called 'Pong', where a player moves a bat to hit a ball as it bounces around the screen. The adaptation enables the player to move the ba ... read more

Seed Bank For The Moon

Craters Around Lunar Poles Could Be Electrified

NASA Announces Winners Of 17th Annual Great Moonbuggy Race

Autarky In Space

Clues About Mars Evolution Revealed

Obama sets new course to conquer the final frontier

Spirit Awaits Winter At Troy

Picking Up Pace To Endeavour Crater

NASA Sets Payload Record During Parachute Tests

Obama sets new course to conquer the final frontier

Obama aims to send astronauts to Mars orbit in 2030s

President Outlines Exploration Goals

China To Launch Second Lunar Probe This Year

China, Bolivia to build communications satellite

China To Complete Wenchang Space Center By 2015

China To Conduct Maiden Space Docking In 2011

Japan astronaut solves bubble puzzle

Celebrating The ISS And Preparing For The Future

Faulty ISS cooling system could force new space walk: NASA

US astronauts end mission's last space walk

Task Force To Conduct Quality Audit On Ariance Launch Campaign Process

SES-1 Satellite Arrived At Baikonour Launch Base

Ariane 5's Launch With ASTRA 3B and COMSATBw-2 Set For April 9

Brazil To Develop Carrier Rocket By 2014

Small, Ground-Based Telescope Images Three Exoplanets

Wet Rocky Planets A Dime A Dozen In The Milky Way

First Detailed Look At Young Dusty Discs Around Ageing Stars

Discovery Challenges Planet Formation Theories

Online conferencing takes off as volcano grounds planes

IBM raises earnings outlook as technology spending improves

NGC Completes System Development Of B-2 Radar Modernization Program

Design Review Completed For Tactical Recon And Counter-Concealment Enabled Radar

The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement