IBM has released their earnings report for the 1st quarter and they beat estimates by US$.10 per hare. According to a News.com article:
Yesterday, the computer giant posted first-quarter earnings well ahead of Wall Street estimates. Net income reached $1.5 billion, or $1.55 a share. Analysts polled by First Call projected the company to earn $1.41 a share.
Revenue for the quarter rose 17 percent. As previously reported, excluding revenue from IBM's OEM component business, first-quarter revenue from the Americas totaled $8.8 billion, an increase of 13 percent compared with the first quarter of 1998. Revenues from Europe, the Middle East, and Africa were $6.3 billion, up 20 percent. Revenues from the Asia-Pacific increased 20 percent to $3.5 billion.
In response, much of the Nasdaq also went up riding on IBM's coattails. This includes Apple whose stock rose 2 full points, or 5.82% to close at 36 3/8.
The Mac Observer Spin: How ironic that it takes a big quarter from IBM to boost Apple's stock. How ironic also that IBM have lower profits on much higher sales than Microsoft making the hardware that MS software runs on. Not that this is any surprise.
Whatever the case, it is nice to see Apple finally start to see some stock gains.
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