Originally published at www.seclive.com
International Business Machines Corporation (IBM) has increased its annual forecast after beating income estimates for the quarter, despite missing revenue projections. Analysts had expected $25.3B in revenue but the company posted $24.9B revenue, a 3.3% decline from this quarter last year. After accounting for a $1B restructuring expense, the company reported earnings per share of $3.91, which beat analyst projections of $3.78 per share. The company has been focusing more on fast-growth areas such as data analysis and cloud computing as many technology companies are moving into or entering that market. IBM has also managed to cut costs by reducing its workforce, repurchasing stock, and shifting business from traditionally low-margin ventures. IBM has increased its annual earnings projections from $16.70 per share to $16.90 per share.
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