IBM Q3 Net Income Rises 12 Percent

IBM said Monday that third-quarter net income rose 12 percent to US$3.6 billion, buoyed by strong performance in Brazil, Russia, India and China as well as solid sales of analytics software and services.

Earnings per share shot up 18 percent to $2.82 from $2.40 per share in the third quarter of 2009.

Total revenues were $24.3 billion, a jump of 3 percent.

"In the third quarter we grew revenue in our hardware, software and services businesses, expanded margins and again increased earnings per share at double digits," said Samuel J. Palmisano, IBM chairman, president and CEO, in a statement.

"We achieved excellent performance in our growth markets unit, reflecting sustained investments through the downturn and the continued strength of the infrastructure build-out in these countries," he added.

IBM has raised its full-year earnings-per-share expectations to at least $11.40, the company said.

(More to follow).

Chris Kanaracus covers enterprise software and general technology breaking news for The IDG News Service. Chris's e-mail address is Chris_Kanaracus@idg.com

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