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IBM beats 1Q earnings expectations, misses revenue forecasts

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ARMONK, New York — International Business Machines Corp. (IBM) on Monday reported first-quarter net income of $2.33 billion.

On a per-share basis, the Armonk, New York-based company said it had net income of $2.35. Earnings, adjusted for non-recurring costs and costs related to mergers and acquisitions, were $2.91 per share.

The results topped Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $2.84 per share.

The technology and consulting company posted revenue of $19.59 billion in the period, falling short of Street forecasts. Eight analysts surveyed by Zacks expected $19.65 billion.

IBM shares have climbed roughly 4 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 2 percent. In the final minutes of trading on Monday, shares hit $166.42, a drop of 13 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on IBM at http://www.zacks.com/ap/IBM

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Keywords: IBM, Earnings Report

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