IBM fulfill expectations of growth in Q1
IBM reported growth in first quarter sales and profits that matched expectations, as global business spending on IT improved with strong growth in key emerging markets.
The world's largest computer has reported a strong rise in first quarter profits, matching Wall Street forecasts with a 16% rise in earnings to $1.6bn (€1.33bn).
The group said earnings per share rose 18% to 93 cents, in line with estimates and revenue rose to $22.2bn (€18.5bn), an increase of 11% from the period a year earlier.
However, currency gains, from the weakness of the dollar, magnified IBM's revenue growth.
The company's hardware sales rose to $6.7bn (€5.58bn), an increase of 16%. The strongest performer was IBM's traditional mainstay, the mainframe computer.
The services business, which represents half of IBM's revenue, grew 9%, to $11.1bn (€9.25bn).
Looking forward the company said it was on track to attain its goal of "high single-digit" growth in revenue and growth of more than 10% in profits for this year.
