NEW YORK ( TheStreet) -- The first major week of earnings is over, and I'm sure most of us are glad it's the weekend.
IBM started the earnings bonanza on Tuesday, reporting a mixed first quarter.
Armonk, N.Y.-based Big Blue brought in revenue of $24.67 billion and earnings of $2.78 a share, up from $24.6 billion and $2.41 a share in the same period in 2011. Analysts polled by Thomson Reuters were looking for $24.77 billion in revenue and earnings of $2.65 a share.IBM's new CEO Ginni Rometty was pleased with the profit results, as the company continued to drive strong earnings growth. "We delivered another excellent software performance, expanded services margins, and continued the momentum in our growth initiatives," Rometty said in the press release. "Our investments in growth-market countries continued to generate strong revenue growth across software, hardware and services while contributing to the company's ongoing margin expansion." Big Blue also raised its full-year earnings outlook, saying it sees 2012 fiscal year earnings of at least $15 a share, up from $14.85. For the week, IBM shares lost 1.58% to close at $199.60. > > Bull or Bear? Vote in Our Poll
Intel also had a negative reaction to its first-quarter report, despite reporting solid earnings. The world's largest chipmaker reported non-GAAP earnings of 56 cents a share, on revenue of $12.9 billion for the first quarter. Analysts surveyed by Thomson Reuters were expecting EPS of 50 cents and $12.84 billion in sales. Second-quarter guidance was higher than anticipated, but margins are expected to fall quarter over quarter, and that caused pressure on the stock. For the second quarter ending in June, Intel expects revenue of $13.6 billion, plus or minus $500 million, and margins between 62% and 63%, down from 65.1% in the first quarter. Wall Street estimates call for $13.45 billion in revenue. Intel shares ended the week down 1.74% at $27.60.
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