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IBM earnings up 26 percent in first quarter

IBM says its quarterly earnings jumped 26 percent, way past Wall Street forecasts. The technology company showed strength in the U.S.
/ Source: The Associated Press

IBM says its quarterly earnings jumped 26 percent, way past Wall Street forecasts. The technology company showed strength in the U.S., which was surprising considering the faltering economy.

IBM is a big tech supplier to the troubled financial industry. But the company said it is benefiting from the fact that its customers often sign recurring contracts. Those are less vulnerable to short-term economic dips.

In the first three months of the year, IBM earned $2.32 billion, $1.65 per share. Analysts were expecting $1.45 per share.

Revenue rose 11 percent to $24.5 billion.