ARMONK, N.Y. (AP) _ International Business Machines Corp. (IBM) on Monday reported second-quarter earnings of $1.36 billion.
On a per-share basis, the Armonk, New York-based company said it had net income of $1.52. Earnings, adjusted for costs related to mergers and acquisitions and non-recurring costs, were $2.18 per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $2.14 per share.
The technology and consulting company posted revenue of $18.12 billion in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $17.71 billion.
IBM shares have dropped nearly 6% since the beginning of the year, while the Standard & Poor's 500 index has climbed nearly 1%. In the final minutes of trading on Monday, shares hit $126.37, a decline of 16% in the last 12 months.