IBM posts 1Q profits

IBM has announced first-quarter 2010 diluted earnings of $1.97 per share compared with diluted earnings of $1.70 per share in the first quarter of 2009, an increase of 16 percent.

First-quarter net income was $2.6 billion compared with $2.3 billion in the first quarter of 2009, an increase of 13 percent. Total revenues for the first quarter of 2010 of $22.9 billion increased 5 per cent (flat, adjusting for currency) from the first quarter of 2009.

From a geographic perspective, the Americas' first-quarter revenues were $9.5 billion, an increase of 2 per cent (flat, adjusting for currency) from the 2009 period.

Revenues from Europe/Middle East/Africa were $7.6 billion, up 5 per cent (down 2 percent, adjusting for currency).

Asia-Pacific revenues increased 10 per cent (1 per cent, adjusting for currency) to $5.3 billion. OEM revenues were $543 million, up 18 per cent compared with the 2009 first quarter. Revenues from the company's growth markets organisation increased 20 per cent (8 percent, adjusting for currency) and represented 19 per cent of geographic revenues.

''In the first quarter, we drove significantly improved revenue growth rates from the fourth quarter across our businesses and geographies. We had strong results in strategic investment areas including growth markets, business analytics and Smarter Planet solutions,'' said Samuel J. Palmisano, IBM chairman, president and chief executive officer.