IBM Beats The Street, Posts Revenue of $24.6B; Net Income Up 10 Percent To $2.9B

Following strong fourth quarter 2010 results, IBM released first quarter earnings today, reporting $24.6 billion in revenue for the quarter which is up 8 percent (or up 5 percent adjusting for currency). Diluted earnings came in at $2.31 per share, compared with diluted earnings of $1.97 per share in the first quarter of 2010, an increase of 17 percent. Analysts expected $2.30 a share on revenue of $24.04 billion.

First-quarter net income was $2.9 billion compared with $2.6 billion in the first quarter of 2010, an increase of 10 percent. Operating (non-GAAP) net income was $3.0 billion compared with $2.6 billion in the first quarter of 2010, an increase of 13 percent.

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