Server sales boost IBM profits
Computer giant IBM's second-quarter net profit was up by more than 16% from a year ago to just under $2bn (€1.6bn).
IBM - which is the world's largest computer and technology service company - attributed the surge to strong sales of its servers, growing revenues from services and emerging markets in China, Russia, India and Brazil.
The figures topped analysts' second-quarter earnings expectations but narrowly missed their sales target. The company's chief financial officer has since backed consensus forecasts for 2004 and predicted the technology industry will post its best growth since 2000.
Wall Street analysts currently expect IBM to post 2004 earnings of $4.95 per share on sales of $96.3bn (€77.9bn), according to a Thomson First Call survey.
