ARMONK (dpa-AFX) - International Business Machines Corp. (IBM) announced a profit for its first quarter that increased from last year and beat the Street estimates.
The company's bottom line totaled $1.61 billion, or $1.72 per share. This compares with $927 million, or $1.01 per share, in last year's first quarter.
Excluding items, International Business Machines Corp. reported adjusted earnings of $1.56 billion or $1.68 per share for the period.
Analysts on average had expected the company to earn $1.60 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter rose 1.5% to $14.46 billion from $14.25 billion last year.
International Business Machines Corp. earnings at a glance (GAAP) :
-Earnings (Q1): $1.61 Bln. vs. $927 Mln. last year. -EPS (Q1): $1.72 vs. $1.01 last year. -Revenue (Q1): $14.46 Bln vs. $14.25 Bln last year.
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