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article imageIBM posts revenue of $24.6 billion, income rises 10%

By William Rubin     Apr 19, 2011 in Business
The IBM Corporation, recently known for constructing a computer named "Watson" that won a Jeopardy all-star clash, reported Tuesday that its first-quarter net income rose 10 percent.
The company reported total earnings of $2.9 billion, around $2.30 per share, up 8 percent from a year ago. However, a large chunk of investors weren't happy that the company didn't raise its year-long forecast by a bigger margin.
"The concern is they didn't really guide a whole lot higher than they had originally for the year, if you take into account the earnings surprise," said Fort Pitt Capital Group senior analyst Kim Caughey Forrest to Reuters. "That's a little disappointing."
"These numbers show IBM's resiliency. They beat on just about every area I had hoped," said Ted Parrish, co-portfolio manager of the Henssler Equity Fund.
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