IBM beat forecasters expectations; sees 4th quater profits
IBM Corp. manged to beat forecasters expectations as it become the second major technology player to post gains in the 4th quater. Following the heels of Intel, IBM corp announced Tuesday that it say says a 9 percent increase in profit. Total Profit was $4.81 billion, or $3.59 per share.
Sales rose 1% to $27.23 billion, compared with $27 billion during the same period in 2008. Revenue topped analysts’ forecasts of $26.96 billion. But it is significant because some analysts have worried that without revenue growth, IBM could have trouble continuing its streak of squeezing out higher profits.
The company says it expects profit of at least $11 per share in 2010. That is at the high end of IBM’s previous prediction for $10 to $11 per share in profit.