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 (http://automatedinsights.com/ap) using data from Zacks Investment Research. Full IBM report: http://www.zacks.com/registration/pfp/?ALERT=ZER_LINK&adid=ASSOCPRESS_CONTENT_ZER&d_alert=rd_final_rank&t=IBM