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July 20, 2010

IBM Q2 revenue increases marginally to $23.7bn

Expects diluted earnings per share to be at least $11.25 for fiscal 2010

By CBR Staff Writer

IBM has reported total net revenue of $23.7bn for the second quarter of 2010, an increase of 2% compared to the same period last year. Revenues from global technology services increased marginally to $9.2bn, while global business services segment revenue grew 3% to $4.5bn.

For the second quarter of 2010, the company posted net income of $3.4bn, an increase of 9% compared to a net income of $3.1bn for the same quarter a year ago. Net income per share was up by 13% to $2.61 from $2.32 per share for year ago quarter.

Geographically, the Americas’ revenue grew 3% year-over-year to $10.2bn in the second quarter of 2010. Revenue from Europe, Middle East and Africa decreased by 6% to $7.4bn, while Asia-Pacific revenues was up 9% to $5.4bn, and OEM revenues increased by 26% to $677m, compared to the same period last year.

Samuel Palmisano, chairman, president and chief executive officer of IBM, said: "In the second quarter we again delivered double-digit earnings-per-share growth, increased margins, as well as improving constant-currency revenue performance in our ongoing software, services and hardware businesses, and in all geographies.

"With the benefit of our strategic growth investments, our mix of higher-value business and the introduction of new System z and Power Systems, we are confident of our ability in the second half of the year to continue our strong business performance, grow profit and drive shareholder returns. As a result, we expect full-year 2010 diluted earnings per share of at least $11.25."

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