International Business Machines Corp reported a higher-than-expected quarterly profit and gave an upbeat outlook for 2011, raising hopes for a strong recovery in corporate technology spending.
IBM's quarterly net income rose to $5.3 billion, or $4.18 per share, compared with $4.8 billion, or $3.59 per share, a year earlier. Analysts on average expected earnings per share of $4.08, according to Thomson Reuters I/B/E/S.
The company on Tuesday forecast 2011 earnings per share of at least $12.56, up from $11.52 in 2010.
(Reporting by Ritsuko Ando; Editing by Gary Hill)