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IBM's 2Q earnings rise despite revenue decline

IBM's 2nd-quarter earnings top analyst estimates while revenue falls shy of projections By The Associated Press

ARMONK, N.Y. (AP) IBM says its second-quarter earnings rose 6 percent despite a downturn in revenue amid Europe's economic jitters.

Churning out higher earnings has become routine for IBM Corp., one of the technology industry's bellwether. Wednesday's announcement marks the company's 38th consecutive quarter that its earnings have climbed from the previous year.

But IBM's 3 percent drop in second-quarter revenue could unnerve investors, given the decline was larger than stock market analysts projected. The earnings exceeded analyst forecasts.

IBM earned $3.9 billion, or $3.34 per share, for the three months ending in June. That compares with net income of $3.7 billion, or $3 per share, at the same time last year.

Revenue totaled $25.8 billion for the latest quarter, down from $26.7 billion last year.

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