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Profit Increase at IBM
International Business Machines (IBM) reported second quarter net income up 8% on the same quarter last year, due to the strong performance of its systems and software, raising its prediction for full-year earnings for the second quarter running. IBM said strong growth was coming from new signings for its services division, which were up by 16% in the quarter - a sign businesses are still spending on technology.
Although the figures beat expectations, IBM's shares initially fell slightly on the results before rising by 2% in after several hours of trading. IBM said fourth-quarter net income was $5.3 billion (£3.3 billion) compared with $4.8 billion (£3 billion) in the fourth quarter of 2009, an increase of 9%. Total revenues were $29 billion (£18 billion), an increase of 7% from the fourth quarter of 2009.
On a year to year basis, overall net income for the year ended December 31, 2010 was $14.8 billion (£9.6 billion) compared with $13.4 billion (£8.3 billion) in the year-ago period, an increase of 10%.
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