IBM posts $2 billion net income in Q2

IBM posts $2 billion net income in Q2

IBM has continued to fair well in a difficult economy, reporting US$2 billion in net income for the second quarter, citing strong services and hardware-related gains.

The net income is a 5 per cent increase over the same period last year, IBM said. The figures translate into $1.15 earnings per share for the quarter, up 8 per cent year-over-year, according to a company statement.

Total revenue for the company in the period was $21.6 billion.

Conversely, profits have been down for other major technology vendors reporting financial results this week. Both EMC and Intel have struggled, saying that their customers are sharply reducing technology spending.

Despite its solid financial showing, IBM also has been affected. The company suffered weakness in its PC and disk-drive segments and expects the slowdown to continue throughout the year in those sectors and possibly others, according to the statement.

IBM, however, managed to post a 7 per cent revenue gain in its services division compared to the same quarter last year, helping it to meet analyst expectations.

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