IBM reports higher profit, flat sales

SAN FRANCISCO (MarketWatch)
IBM Corp. on Tuesday reported a fiscal first-quarter profit of $3.1 billion, or $2.61 a share, on revenue of $24.7 billion, compared with earnings of $2.86 billion, or $2.31 a share, on $24.6 billion in sales in the same period a year ago
Excluding one-time items, IBM would have earned $3.3 billion, or $2.78 a share
Analysts surveyed by FactSet Research had forecast IBM to earn $2.66 a share on $24.8 billion in sales for the quarter ended March 31..