IBM reports solid first-quarter growth

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.