IBM reports solid first-quarter growth

Summary:The company has delivered strong growth for most of its businesses and product lines in the first quarter, prompting a raise in its outlook for 2011

IBM has reported strong first-quarter earnings as most of its businesses and product lines delivered solid growth, prompting the company to raise its outlook for 2011.

The company reported earnings of $2.9bn (£1.8bn), or $2.31 a share, on revenue of $24.6bn, up eight percent from a year ago. Non-GAAP earnings were $3bn, or $2.41 a share. Wall Street was looking for IBM to report first quarter earnings of $2.30 a share on revenue of $24.02bn.

As for the outlook, IBM projected 2011 non-GAAP earnings of at least $13.15 a share. Wall Street was expecting earnings of $13.08 a share.

For more on this ZDNet UK-selected story, see IBM's first quarter shines, 2011 outlook raised on ZDNet.com.


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Topics: Tech Industry

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Larry Dignan is Editor in Chief of ZDNet and SmartPlanet as well as Editorial Director of ZDNet's sister site TechRepublic. He was most recently Executive Editor of News and Blogs at ZDNet. Prior to that he was executive news editor at eWeek and news editor at Baseline. He also served as the East Coast news editor and finance editor at CN... Full Bio

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