IBM 2Q profit rises 28 percent, tops forecast

International Business Machines Corp. (IBM) on Thursday reported profit that climbed by 28 percent in its second quarter, and topped analysts' expectations.

The Armonk, New York-based company said profit increased to $4.14 billion, or $4.12 per share, from $3.23 billion, or $2.91 per share, in the same quarter a year ago.

Earnings, adjusted for non-recurring costs, came to $4.32 per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $4.31 per share.

The company said revenue decreased 2 percent to $24.36 billion from $24.92 billion in the same quarter a year earlier, and topped Wall Street forecasts. Analysts expected $24.16 billion, according to Zacks.

IBM shares have increased $4.92, or 2.6 percent, to $192.49 since the beginning of the year, while the Standard & Poor's 500 index has climbed 5.9 percent. However, the stock has dropped $5.50, or 2.8 percent, in the last 12 months.

This story was generated automatically by Automated Insights ( using data from Zacks Investment Research. Full IBM report:


Keywords:IBM,Earnings Report