IBM profit jump defies downturn
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Computing giant sees quarterly profit rise 20% to $2.8 billion
IBM today released a set of financial results that show little sign of damage from the economic downturn.
The company reported third-quarter revenues of $25.3 billion, slightly below analysts’ expected figure of $25.6 billion. The strengthening of the dollar against foreign currencies during the past three months was seen to have adversely impacted the dollar value of IBM’s international takings.
Profit, however, was up 20% on the same quarter of last year at $2.8 billion.
IBM’s stock price climbed almost 7% following the release of these results.
“It’s nice to have some positive news in the tech space,” Chuck Jones, an analyst at Atlantic Trust Private Wealth Management in San Francisco, told the Bloomberg news service.
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