IBM: Q1 Earnings Snapshot
ARMONK, N.Y. (AP) _ International Business Machines Corp. (IBM) on Monday reported first-quarter earnings of $955 million.
On a per-share basis, the Armonk, New York-based company said it had profit of $1.06. Earnings, adjusted for costs related to mergers and acquisitions and non-recurring costs, were $1.77 per share.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.67 per share.
The technology and consulting company posted revenue of $17.73 billion in the period, which also topped Street forecasts. Four analysts surveyed by Zacks expected $17.44 billion.
IBM shares have increased nearly 6% since the beginning of the year. In the final minutes of trading on Monday, shares hit $133.15, a climb of 11% in the last 12 months.