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.