IBM boosts earnings outlook as profit for 2nd quarter rises 9%
SAN FRANCISCO — IBM Corp. raised its 2010 profit forecast to at least $11.25 per share, a nickel per share increase that reflects the corporation’s confidence.
The increase came as IBM reported that its second-quarter net income jumped 9 percent to $3.39 billion, or $2.65 per share. That compares with $3.1 billion, or $2.34 per share, a year earlier. It tops analysts’ projections of $2.58 per share.
Still, shares of IBM declined in extended trading Monday as revenue fell short of analysts’ expectations.
Revenue rose 2 percent to $23.7 billion, below the $24.2 billion that analysts expected.