IBM reports Q1 growth

CEO Samuel Palmisano expects to see more revenue growth in Q2
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IBM has reported a net income of $2.6 billion for the first quarter of 2010 – up 13 per cent on the same period last year.

Total revenues for Q1 2010 stood at $22.9 billion, up five per cent on the first quarter 2009.

“In the first quarter, we drove significantly improved revenue growth rates from the fourth quarter across our businesses and geographies. We had strong results in strategic investment areas including growth markets, business analytics and Smarter Planet solutions,” said IBM CEO Samuel Palmisano.

“Looking ahead, we are confident in our ability to grow revenue, and given our mix of higher-value business and productivity we will expand margins, grow profit, cash and EPS, and increase returns to shareholders.”

The firm is also expecting to see revenue growth in Q2 across its services, software and hardware businesses.

Geographically, the Americas reported first-quarter revenues of $9.5 billion, while EMEA’s stood at $7.6 billion (up two per cent and five per cent, respectively).

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