IBM: Earnings Rise, Revenues Fall, but Growth Ahead

Chris Kanaracus, IDG News Service

IBM on Thursday reported second-quarter earnings of US$2.32 per share, an 18 percent increase over last year, but said revenue fell 13 percent to $23.3 billion.

Analysts polled by Thomson Reuters had predicted earnings of $2.02 per share and $23.59 billion in revenue.

But in a ray of hope for a market eager for any sign of economic recovery, IBM also raised its full-year earnings expectations to at least $9.70 per share, compared to at least $9.20 per share.

IBM is expected to discuss its earnings in greater detail during a conference call Thursday.

(More to follow.)