Nasdaq was down 5.78% in anticipation...
IBM sees better-than-expected 2009 profit
SAN FRANCISCO (AP) -- IBM Corp. is forecasting significantly higher profits for 2009 than Wall Street expected, a sign that the company's focus on high-margin services and software contracts is paying off even while overall sales are slumping.
The Armonk, N.Y.-based company predicted at least $9.20 per share in profit in 2009. Analysts surveyed by Thomson Reuters were expecting $8.75 a share.
The rosy forecast came as IBM reported that fourth-quarter profit rose 12 percent, beating analyst estimates, while sales fell 6 percent, missing the consensus estimate.
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