IBM Boosts Annual Forecast After Earnings Beat Estimates
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International Business Machines Corp., the largest computer-services company, raised its annual forecast after second-quarter earnings topped analysts’ estimates, lifted by cost cuts and share buybacks.
Excluding a $1 billion restructuring expense, profit was $3.91 a share last quarter, the Armonk, New York-based company said yesterday in a statement. That beat the $3.78 that analysts projected on average, according to data compiled by Bloomberg. IBM now expects to earn at least $16.90 a share in 2013, up from the $16.70 it forecast earlier this year.