IBM profits up despite sales slump
IBM profits up despite sales slump
Friday 16th October 2009
IBM posted third-quarter results yesterday with profits up 14 per cent.The results came despite sales being down, with revenue dropping seven per cent over the July to September quarter.
The company raised their 2009 forecast again on the back of the results, which showed net income at $3.2 billion (£1.9 billion) for the third quarter. The figure compares with net income of $2.8 billion (£1.7 billion) for the same period a year ago.
"Our long-term strategic shift to higher-value businesses again enabled us to deliver outstanding margin, earnings and cash flow growth in the third quarter," IBM chairman and chief executive officer Samuel J Palmisano said.
"We also saw improved revenue trends in our business and share gains in software and hardware."
In its outlook, IBM said it expects full-year 2009 pre-tax income for both its software and services segments to grow to reach about $8 billion (£4.9 billion).
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