IBM's first quarter shines, 2011 outlook raised

IBM reported first-quarter earnings of $2.9 billion, or $2.31 a share, as most of its businesses and product lines delivered solid growth.

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.

Read more of "IBM's first quarter shines, 2011 outlook raised" at ZDNet's Between the Lines.

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