IBM backs full-year profit forecast

May 14, 2009

(AP) -- IBM Corp. is again backing its forecast for profit of $9.20 per share this year.

The Armonk, N.Y.-based technology company is standing by its bullish forecast because it says it's making better margins in its services and software divisions as it continues to cut costs aggressively, offsetting weakening sales.

The forecast is surprisingly high and shows IBM's confidence in its ability to wring out more profits even in tough times.

IBM's , Mark Loughridge, reiterated the guidance at an investor meeting Wednesday in New York, where Sam Palmisano also made a rare public appearance.

Analysts on average are predicting 2009 profit of $9.11 per share, according to a poll by Thomson Reuters.

In the latest quarter, IBM's profit dipped slightly to $2.3 billion, while sales fell 11 percent to $21.7 billion.

©2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Explore further: Russian online retailer expects boom despite consumer gloom

add to favorites email to friend print save as pdf

Related Stories

IBM stumbles on 1Q sales dip; profit beats Street

Apr 20, 2009

(AP) -- IBM Corp.'s first-quarter results slipped as all its major business units suffered declines, but the company backed its bullish outlook for 2009 on Monday, reflecting its belief that a broad mix of services and software ...

Apple 2Q profit gains 15 percent, beats Street

Apr 22, 2009

(AP) -- Strong sales of the iPhone helped Apple Inc. lift its quarterly profit 15 percent, well ahead of Wall Street's expectations Wednesday despite the global economic downturn.

Adobe 1Q profit, sales drop, squeezed by downturn

Mar 17, 2009

(AP) -- Adobe Systems Inc., the company behind the popular Photoshop software, posted a decline in fiscal first-quarter profit and sales Tuesday, squeezed by the economic downturn.

Recommended for you

Visa, MasterCard moving into mobile pay in Africa

18 hours ago

Americans may just be getting used to mobile pay, but consumers in many African countries have been paying with their phones for years. Now payment processors Visa and MasterCard want to get a slice of that market, and are ...

Wireless show highlights: Eyes on Apple, Blackberry

19 hours ago

As a major wireless show continues this week in Barcelona, Spain, Apple is highlighting the capabilities of its iPhone cameras with a gallery of photos taken by its users around the world.

Venture capitalist testifies in Silicon Valley sex-bias suit

Mar 03, 2015

A prominent Silicon Valley venture capitalist who helped direct early investments in Google and Amazon said Tuesday during testimony in a high-profile sex discrimination lawsuit that his firm is not run by men and has many ...

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.