ARMONK, N.Y. (AP) _ International Business Machines Corp. (IBM) on Tuesday reported first-quarter profit of $1.75 billion.
The Armonk, New York-based company said it had profit of $1.85 per share. Earnings, adjusted for non-recurring costs and costs related to mergers and acquisitions, came to $2.38 per share.
The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $2.34 per share.
The technology and consulting company posted revenue of $18.16 billion in the period, falling short of Street forecasts. Six analysts surveyed by Zacks expected $18.49 billion.
IBM expects full-year earnings to be $13.80 per share.
IBM shares have risen slightly more than 2 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed almost 5 percent. In the final minutes of trading on Tuesday, shares hit $170.05, a rise of 11 percent in the last 12 months.