IBM earnings better than expected in Q1

By Naseem Khan
IBM provided financial results for first quarter today. The company’s net profit rose 13% in the first quarter of 2010, totaling U.S. $ 2.6 billion from $ 2.3 billion recorded in the same period last year.

The company’s revenue grew 5% in the three first months of this year, reaching $ 22.9 billion.

IBM signed services contracts totaling $ 12.3 billion, including 13 contracts in excess of $ 100 million. With these financial results, company has raised its projections slightly for 2010 due to the better than expected results in first quarter.