IBM net profit rises 10% on weak $, emerging markets

IBM Corp on Tuesday reported stronger-than-expected net income and revenue for the first quarter, helped by the weak dollar and strong performance in the US and emerging markets.

IBM Corp on Tuesday reported stronger-than-expected net income and revenue for the first quarter, helped by the weak dollar and strong performance in the US and emerging markets.

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Net income rose 10% to $2.9 billion, or $2.3 per share against $2.6 billion, or $1.97 per share a year-ago. Excluding mostly acquisition-related charges, earnings were $2.4 per share.

Revenue rose 8% to $24.6 billion. The increase would have been 5% at constant currency rates. Analysts expected $24.0 billion, or about a 3% increase at constant currencies, IBM said.

The company expects full-year operating earnings of "at least" $13.2 per share, up from an earlier forecast of $13. Its goal for 2015 is to boost that to $20 per share, and the company said it was well on its way to getting there.