12% increase in IBM’s 4Q earnings
On Tuesday, IBM posted its 4Q financial results that showed an impressive increase of 12% in earnings despite worldwide economic slowdown. The results beat the expectations of different analysts.
IBM generated $4.4b net income, which comes to $3.28 per share for the 4Q, nearly 12% rise compared to the same period last year.
It was expected that IBM would post $3.30 per share earnings for the recent quarter.
The tech leader reported that the company is on right tract to achieve its target of generating $10 to 11$ per share profit for 2010.
After the report, IBM shares saw 4% rise and closed at $85.14 in afternoon trading.
IBM boss, Samuel Palmisano, says: “with our solid revenue, strong financial condition and worldwide reach, we are quite confident regarding current year and we are heading in the right direction to achieve our goals for 2010.”
“During 2008, the conditions were quite difficult to deal with, but despite all these difficulties and harsh economic environment, we still managed to perform well,” Palmisano added.
After adjusting decline due to currency changes, the profit generated in the US during this quarter was $11.5b that is 2% higher than the last year. Similarly after currency adjustment its software profit was 9% up.
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