Technology giant IBM has raised its profit forecast as its quarterly profits beat Wall Street expectations, citing strong sales of its mainframe computers and brisk business in emerging markets.
The world's largest technology services firm managed to beat expectations for the first quarter, even though it does about 11% of its business in crisis-stricken Japan.
That was partially because of strong performance in the red-hot markets of Brazil, Russia, India and China, where revenue was up a combined 26% from a year earlier.
IBM raised its forecast for full-year profit, excluding once-off items, to at least $13.15 per share from its previous view of at least $13.
IBM benefited from strong demand for the latest version of its mainframe computer, which it introduced in the third quarter of last year. Sales of that product were up 41% from a year earlier.
The company also reported first-quarter net profit up 10% to $2.86 billion, or $2.41 per share, ahead of the average analyst forecast of $2.30 per share. Revenue rose 8% from a year earlier to $24.6 billion, beating the average analyst forecast of $24 billion.
