IBM posted first-quarter diluted earnings per common share of $1.08 from continuing operations, compared with diluted earnings of $0.85 per share in the first quarter of 2005, an increase of 27 percent.

Total revenues were $20.7 billion in the first period, down 10 percent from a year ago. Revenues from IBM’s Microelectronics Group increased 37 percent.

IBM beat Wall Street’s expectations. The company was supposed to earn $1.05 per share on sales of $20.72 billion.

Samuel Palmisano, IBM’s chairman and chief executive, was upbeat, especially about the chip sector. "We had very strong results in middleware and continued revenue growth in microelectronics for our 300-mm wafer products that serve the major gaming platforms,” he said in a statement. IBM makes game-console chips for Microsoft and Sony.

“Services signings increased, services margins rose for the seventh straight quarter year to year, and IBM again grew in emerging markets,” he said.

By: DocMemory
Copyright © 2023 CST, Inc. All Rights Reserved