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IBM: 3Q Earnings Snapshot

ARMONK, N.Y. (AP) _ International Business Machines Corp. (IBM) on Wednesday reported third-quarter earnings of $1.67 billion.

The Armonk, New York-based company said it had net income of $1.87 per share. Earnings, adjusted for costs related to mergers and acquisitions and non-recurring costs, were $2.68 per share.

The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $2.64 per share.

The technology and consulting company posted revenue of $18.03 billion in the period, which missed Street forecasts. Four analysts surveyed by Zacks expected $18.24 billion.

IBM expects full-year earnings to be $12.80 per share.

IBM shares have climbed 25% since the beginning of the year, while the Standard & Poor's 500 index has climbed 19%. In the final minutes of trading on Wednesday, shares hit $142.04, a fall of 2% 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