IBM: 2Q Earnings Snapshot

ARMONK, N.Y. (AP) _ International Business Machines Corp. (IBM) on Wednesday reported second-quarter profit of $2.5 billion.

The Armonk, New York-based company said it had profit of $2.81 per share. Earnings, adjusted for non-recurring costs and to account for discontinued operations, were $3.17 per share.

The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $3.06 per share.

The technology and consulting company posted revenue of $19.16 billion in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $19.11 billion.

IBM expects full-year earnings to be $13.90 per share.

IBM shares have climbed 26% since the beginning of the year, while the Standard & Poor's 500 index has increased 19%. In the final minutes of trading on Wednesday, shares hit $143.06, falling slightly in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on IBM at https://www.zacks.com/ap/IBM