- Associated Press - Tuesday, April 17, 2012

NEW YORK (AP) - IBM says its first-quarter net income grew 7 percent, helped by strong profit margins in its services business and strong revenue growth across its software, hardware and services businesses.

IBM Corp. said Tuesday that it earned $3.07 billion, or $2.61 per share, in the January-March period. That’s up from $2.86 billion, or $2.31 per share, a year earlier.

Excluding special items such as acquisition costs, IBM earned $2.78 per share.

Revenue was flat at $24.7 billion.


Analysts surveyed by FactSet, on average, had expected adjusted earnings of $2.66 per share on revenue of $24.82 billion.

IBM also says it is raising its full-year guidance. It now expects adjusted earnings of at least $15 per share. That’s up from its earlier outlook of at least $14.85 per share.