19 Jan '11, 12am

IBM quarterly results top forecasts

NEW YORK: US computer giant IBM posted quarterly results that were better than expected on Tuesday on revived technology spending. The Armonk, New York-based company said its net profit rose nine percent to $5.3 billion in the fourth quarter over a year ago while revenue was up seven percent to $29 billion. Earnings per share of $4.18 were better than the $4.08 expected by analysts. IBM shares were up 2.82 percent at $150.65 in after-hours electronic trading. "We completed an outstanding year, with record profit and free cash flow, and exceeded the high end of our 2010 earnings per share roadmap objective," IBM chairman, president and chief executive Samuel Palmisano said. "We will continue to focus on our long-term strategic initiatives - growth markets, Smarter Planet Solutions, cloud and business analytics - as we drive to achieve our new roadmap target of operating ear...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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