ARMONK, N.Y. (AP) — International Business Machines Corp. (IBM) on Wednesday reported second-quarter profit of $2.4 billion.
The Armonk, New York-based company said it had profit of $2.61 per share. Earnings, adjusted for one-time gains and costs, came to $3.08 per share.
IBM is one of the largest technology employers in the Austin metro area, with an estimated 6,000 workers here. The company was one of the pioneers of Austin’s tech sector, as it has had operations in Austin since 1967.
The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $3.03 per share.
The technology and consulting company posted revenue of $20 billion in the period, also topping Street forecasts. Six analysts surveyed by Zacks expected $19.62 billion.
IBM expects full-year earnings to be $13.80 per share.
IBM shares have fallen nearly 6 percent since the beginning of the year, while the Standard & Poor's 500 index has risen slightly more than 5 percent. In the final minutes of trading on Wednesday, shares hit $144.52, a fall of 6 percent in the last 12 months.
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