Technology giant IBM has raised its profit target for 2010 and reported a stronger than expected 9% rise in profits for the fourth quarter of 2009.
It said cost cuts and a shift to more profitable IT services and software contracts helped it weather a slump in business spending.
IBM now expects a profit of at least $11 a share in 2010 compared with its previous target of $10 to $11 per share.
The company said its fourth-quarter profit rose 9% to $4.8 billion, or $3.59 a share, from $4.4 billion, or $3.27 a share, a year earlier. Analysts on average had expected a profit of $3.47 per share.
Quarterly revenue rose 1% from a year earlier to $27.2 billion, just above forecasts.
