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 This material may not be published, broadcast, rewritten or redistributed.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: Apple's freshly sliced shares climb

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

Apple's freshly sliced shares climb

2 hours ago

Freshly split Apple shares closed at a high on Tuesday, with investors evidently betting the California company will debut popular new gadgets, perhaps a smart watch and an iPhone 6.

Google buys travel guide app startup Jetpac

Aug 18, 2014

Google confirmed Monday it has bought the startup behind a Jetpac mobile application that creates insightful travel guides by analyzing pictures from social networks such as Instagram.

User comments : 0