International Business Machines Corp.'s first-quarter earnings jumped 7.1% as the tech heavyweight reported higher revenue from its software and technology services business, but lower hardware sales. The 6.7% slip in hardware sales contributed to the company reporting weaker-than-expected revenue, sending shares lower in after-hours trading. Chief Financial Officer Mark Loughridge blamed the second straight quarterly decline in hardware revenue on a difficult year-ago comparison.
While revenue was lighter-than-expected, the company raised its full-year per-share operating earnings guidance to at least US$15 a share. Its upbeat January view called for per-share earnings of at least US$14.85. For the first quarter, IBM reported a profit of US$3.07 billion, or US$2.61 a share, up from US$2.86
Source: Total Telecom