IBM reported strong first-quarter earnings as most of its businesses and product lines delivered solid growth. Big Blue also raised its outlook for 2011.
The company reported earnings of $2.9 billion, or $2.31 a share, on revenue of $24.6 billion, up 8 percent from a year ago. Non-GAAP earnings were $3 billion, or $2.41 a share. Wall Street was looking for IBM to report first-quarter earnings of $2.30 a share on revenue of $24.02 billion.
As for the outlook, IBM projected 2011 non-GAAP earnings of at least $13.15 a share. Wall Street was expecting earnings of $13.08 a share.