IBM Corp.'s first-quarter results show signs that the recovery in corporate technology spending is picking up speed.
IBM said Monday its earnings for the first three months jumped 13 percent to $2.6 billion, or $1.97 per share. In the same period of 2009 it earned $2.3 billion, or $1.70 per share.
The improvement came not just from cost cutting, which IBM relied on much of last year to raise profits. Revenue climbed 5 percent to $22.9 billion.
The results beat average analyst estimates of $1.93 per share on revenue of $22.8 billion.
IBM said it expects continued revenue growth in the current quarter. It also increased its 2010 earnings per share forecast to $11.20. Analysts were expecting $11.12, according to Thomson Reuters.
Copyright AP - Associated Press
