IBM Profit Tops Estimates; Annual Forecast Reaffirmed (Update3)

[gopbuster]

Source: Bloomberg

Oct. 8 (Bloomberg) -- International Business Machines Corp., the largest computer-services company, reported third-quarter earnings that beat analysts' estimates and reiterated its annual forecast. The shares advanced 6 percent.

Earnings last quarter rose to $2.05 a share, excluding some items, Armonk, New York-based IBM said today in a statement. Analysts estimated profit of $2.01 a share, according to a Bloomberg survey. Revenue climbed 5 percent to $25.3 billion.

The report may assuage concern that the financial crisis is curbing earnings at IBM, whose shares have dropped 12 percent this week. The company, which is scheduled to announce full results on Oct. 16, said its product range and investments in emerging markets give it an advantage during the economic slump.

``It's nice to have some positive news in the tech space,'' said Chuck Jones, an analyst at Atlantic Trust Private Wealth Management in San Francisco, which has $16 billion under management, including IBM shares. ``They came through with good gross margins.''

Read more: http://www.bloomberg.com/apps/news?pid=20601103&sid=aZ0t7RM0g2YI&refer=news

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Bellweather IBM.... should bode well for the stock market open

[WriteDown]

1. This is awesome news.

Thank you IBM!!!

[daleo]

2. They keep outsourcing work to India

Cheap workers can keep profits up, for a while.

[Botany]

3. that is because they closed some of their U.S. operations and moved ....

.... to India.