IBM Rides Services And Software to Higher Earnings
Weak dollar helps spur sales
IBM Corp., which has 450 employees in Central Massachusetts, said its quarterly profits leaped 26 percent and blew past analysts' forecasts, with U.S. operations showing surprising strength given the faltering economy. The technology company also increased its earnings forecast for the year.
In the first quarter, Armonk, N.Y.-based IBM earned $2.32 billion, or $1.65 per share, well ahead of its profit of $1.84 billion, or $1.21 per share, in the same period of 2007. Revenue rose 11 percent to $24.5 billion, better than the $23.7 billion, expected by analysts surveyed by Thomson Financial.
IBM's sales numbers were boosted by ongoing weakness in the dollar, since deals done in other currencies now translate into more greenbacks. (AP)
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