IBM has announced first-quarter 2009 diluted earnings of $1.70 per share compared with diluted earnings of $1.64 per share in the first quarter of 2008, an increase of 4%.
First-quarter net income was $2,3-billion compared with $2,32 -billion for the first quarter of 2008, a decrease of 1%. Total revenues for the first quarter of 2009 of $21,7-billion decreased 11% (4% adjusting for currency) from the first quarter of 2008.
"IBM continued to perform well in a very difficult economic environment. This was due to our long-term strategic focus: shifting into software and services, divesting of commodity businesses, and creating solutions that help clients reduce cost and conserve capital. At the same time we have a disciplined approach to cost and expense management giving us a strong financial position," says Samuel Palmisano, IBM chairman, president and CEO.
"We are well-positioned to continue to move aggressively and leverage our strong cash performance to make the most of the opportunities that arise, including smarter planet initiatives and other strategic options. We remain ahead of pace for our 2010 roadmap of $10.00 to $11.00 per share."
IBM said that it expects full-year 2009 earnings of at least $9.20 per share.
Revenues from Europe/Middle East/Africa were $7,2-billion, down 18 % (3% adjusting for currency).