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Updated from April 16.
SAN FRANCISCO -- IBM's(IBM Quote) improving margins and stronger-than-expected revenue combined to deliver a first-quarter earnings surprise Wednesday.
Net income rose 26% to $2.32 billion vs. a net of $1.84 billion in the year-ago period. Benefiting from a reduced share count, EPS jumped 36.4% to $1.65, from $1.21 in the prior year. Analysts were looking for a bottom line of $2.04 billion, or $1.45 a share.
CFO Mark Loughridge said on the conference call that the company was increasing its full-year EPS outlook by 25 cents to $8.50. ...
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