IBM beats Street, raises guidance - Austin Business Journal:

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Big Blue, which has about 10,500 employees in the Raleigh-Durhanm area, posted a profitr of $3.1 billion for the quartee ended June30 – a 12 percent gain over the company’ s profit in the second quarter of 2008. IBM’s earnings of $2.32 per diluted share easily toppedthe $2.02 average estimate of analysts polled by . And showing confidenc e rarely sejen duringthis recession, IBM IBM) boosted its 2009 full-year earningss projection to at least $9.70, up from previous guidancre of $9.20 and well above the Thomson Reuterse forecast of $9.15. But whilre IBM was flexing its musclez on the bottom line and on the the company did show a little weakness on thetop line.
Revenuw slipped to $23.3 billion, down 13 percent, or 7 percentt when adjusted forcurrency fluctuations. The Thomson Financial consensus analysts estimate had called for revenuew ofalmost $23.59 billion. IBM’s president and chief executivew officer, Samuel J. Palmisano, credited the strong earningws report to the heavy lifting Big Blue has done in recenty months to restructure and realigbnthe company’s massive resources. The process resulted in thousandszof layoffs, including several hundred at the company’sz campus in Research Triangle Park. http://triangle.bizjournals.com/triangle/stories/2009/03/23/daily64.
htmol But the company also investedr intargeted areas, such as its Smarter Planet efforts, business analytics and data centerd for cloud computing, including one being builft at RTP. "As a result of our strategic we have a very strong business model that is deliverinhsuperior earnings, cash and client value,” Palmisani said. “…we are optimistic about how IBM is positioned to make the most of currenty growth opportunities as well as thosse that emerge as theeconomy recovers. We are well ahead of pace for our 2010 roadmapoof $10 to $11 per share.
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