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IBM delivers solid quarter, ups 2009 earnings outlook

Quarter features better-than-expected profit and revenue growth. The company also increases its earnings targets for 2009.

IBM delivered a solid third quarter that featured better-than-expected profit and revenue growth. The company also upped its earnings targets for 2009.

IBM on Thursday reported third-quarter net income of $3.1 billion, or $2.40 a share, on revenue of $23.6 billion, down 7 percent from a year ago. Wall Street was looking for earnings of $2.38 a share on revenue of $23.4 billion.

The outlook was also solid. IBM is expecting 2009 earnings to be about $9.85 a share, up from a previous projection of $9.70 a share. Wall Street had IBM at $9.78 for the year...

Read more of "IBM delivers solid quarter, ups 2009 earnings outlook" at ZDNet's Between the Lines.