IBM reports improved profits by around 11 percent

IBM reports improved profits by around 11 percent

US based IT giants IBM has come out with their revenue reports and the company has reported an 11% growth in its profits.

This result was slightly higher than what the market expected from the company. However, the company accepts that they are still weak in two very crucial areas, services and hardware.

For the quarter April-June, the company earned $2.02 billion, $1.30 per share. Revenues were at around $21.9 billion.

Market had expected IBM to earn around $1.29 per share on revenue of $21.9 billion. The shares of the company gained in the market due to this better than expected result.

The company’s Chief Financial Officer Mark Loughridge admitted that they are not entirely satisfied by the services and hardware divisions which failed to perform as per their expectations.