IBM Profit Rises 27% for Quarter
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NEW YORK — IBM said today that its profit jumped nearly 27% in the third quarter despite weakening economic conditions at home and abroad.
International Business Machines Corp. said net income for the three months ended Sept. 30 totaled $1.11 billion, or $1.95 a share, up from $877 million, or $1.51 a share, in the same quarter last year. Revenue rose nearly 7%, to $15.28 billion, from $14.30 billion in the year-ago period.
Overall sales slipped 1.5%, to $9.01 billion, but revenue derived from support services, software, equipment rental and financing posted double-digit increases over the year-earlier period.
The earnings were slightly below the expectations of industry analysts.
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