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IBM CFO Forecasts 8% Profit Jump for Second Quarter

May 23 (Bloomberg) -- International Business Machines Corp. Chief Financial Officer Mark Loughridge predicted earnings this quarter will rise 8 percent from a year earlier, in line with estimates.

The forecast suggests that profit will rise to about $3.79 a share in the period, excluding some items, up from $3.51 a year earlier. That matches the average analyst prediction, according to data compiled by Bloomberg.

Loughridge repeated his view that the Armonk, New York-based company’s growth in the second half of the year would be stronger, with “double-digit performance” in the fourth quarter.

He was speaking at the Barclays Global Technology, Media and Telecommunications Conference in New York.

To contact the reporter on this story: Sarah Frier in New York at sfrier1@bloomberg.net

To contact the editor responsible for this story: Nick Turner at nturner7@bloomberg.net

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