IBM profit jumps 12 percent

By The Associated Press
Published: 4:53 PM - 10/18/10
Last updated: 4:57 PM - 10/18/10

IBM's net income rose 12 percent and the technology company raised its 2010 profit forecast slightly as it wrings more out of its services and software divisions and gets a lift from a new mainframe computer.

IBM Corp. earned $3.59 billion, or $2.82 per share, versus $3.21 billion, or $2.40 per share, a year ago. Analysts expected $2.75 per share.

Revenue rose 3 percent to $24.27 billion. Analysts expected $24.13 billion.

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