Solid growth in UK bolsters IBM earnings

IBM has presented a mixed bag of results for its first quarter of 2012, although it cited 10 quarters of consecutive growth in the UK

IBM's first quarter was a mixed bag relative to expectations.

The company reported on Tuesday first quarter earnings of $3.1bn (£1.9bn), or $2.61 a share, on revenue of $24.7bn, a tally that was flat from a year ago. Non-GAAP earnings were $2.78 a share. Wall Street analysts were looking for earnings of $2.65 a share on revenue of $24.77bn.

On a conference call with analysts, IBM chief financial officer Mark Loughridge said the launch of IBM's PureSystems is expected to contribute to revenue in the second half of the year. Meanwhile, IBM closed five acquisitions in the quarter valued at $1.3bn, and the company touted gains in the Unix market. 

"The most consistent performance has come from the UK and Spain with 10 percent growth. The UK has delivered 10 consecutive quarters of growth," Loughridge added.

For more on this ZDNet UK-selected story, see IBM Q1 sales light, earnings outlook strong on

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