IBM's first quarter is seasonally weak for the company, but it did not disappoint this time. IBM announced earnings of $2.54 a share on $23.41 billion in revenues. Analyst were expecting more than $2.50 a share on almost $23 billion in revenues. However, earnings did come down from more than $3.06 a share from a year earlier. IBM has been relying on cost savings to drive earnings growth over the last three quarters.