IBM Boosts Profit Forecast After Quarter Tops Estimates
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International Business Machines Corp.’s decadelong shift to higher-margin software sales helped the company overcome a slowdown in technology spending last quarter and boost its full-year earnings forecast.
Excluding some items, profit will increase to at least $15.10 a share this year, up from a previous forecast of $15, Armonk, New York-based IBM said yesterday in a statement. Analysts had predicted $15.06 on average, according to data compiled by Bloomberg. Earnings were $3.51 in the quarter, topping the $3.43 average estimate, even as sales declined.