IBM posts solid first quarter

Big Blue's earnings and sales were better than expected as the company's software unit posted double-digit revenue growth.

IBM's first-quarter earnings and sales were better than expected as the company's software unit posted double-digit revenue growth. The company also raised its earnings outlook for 2010.

Big Blue reported first-quarter earnings of $2.6 billion, or $1.97 a share, on revenue of $22.9 billion, up 5 percent from a year ago. Wall Street was looking for $1.93 a share on revenue of $22.7 billion, according to Thomson Reuters.

IBM said it was confident that it could grow revenue. The company also projected 2010 earnings of $11.20 a share. Wall Street was looking for $11.12 a share for 2010. IBM added that it expects revenue growth for its hardware, software and services businesses in the second quarter.

Read more of "IBM posts solid first quarter" at ZDNet's Between the Lines.

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