IBM third-quarter profits beat expectations

IBM announced Wednesday that its third-quarter earnings had risen 20% and that they were confident they would meet their full year predictions. IBM shares are currently sitting steady in the $91 range, up over a dollar in afternoon trading. IBM’s earnings saw their net income grow to $2.8 billion, or $2.05 a share, compared to $2.36 billion/$1.68 a share this time last year. Revenue grew to $25.3 billion compared to $24.1 billion. Gross margins jumped to 43.3% from 41.3% in the same quarter last year. "Our results demonstrate that the combination of a steady base of recurring revenue and profits, investments for growth in emerging markets, a range of products and services that deliver value to clients, and a strong and flexible financial foundation give IBM a competitive edge in good times and tough times," said IBM chairman and CEO Sam Palmisano, in a statement.The news came a week earlier than analysts had been expecting, but may be an attempt to assuage fears in the tech market. Technology stocks had been struggling in the current economic climate, but IBM’s announcement has helped stabilize the tech market and most sector leaders are holding onto their gains.

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