IBM beats forecast with 3Q earnings |
|
|
|
Published
:
Tue, 16 Oct 2007 21:11
|
BOSTON (AP) - Strength in services and software overcame a slide in hardware and helped IBM Corp.'s third-quarter earnings rise 6 percent, enough to beat Wall Street expectations Tuesday.From July through September, IBM earned $2.36 billion, or $1.68 per share, surpassing the profit of $2.22 billion and $1.45 per share that the Armonk, N.Y.-based technology company posted in the same quarter of 2006.Earnings per share rose at a much steeper rate than net profit because IBM's aggressive stock buyback plan has taken 130 million shares out of circulation in the past 12 months.Revenue in the third quarter rose 7 percent to $24.1 billion from $22.6 billion a year ago.Analysts' consensus forecast was for earnings of $1.67 per share on $24.1 billion in revenue, according to Thomson Financial.IBM shares gained $1.57, 1.3 percent, to close at $119.60 before the earnings report was released.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
|
|
|
|
Print this Story
Charles Schwab 3Q income up on unit sale 