International Business Machines (IBM) reported Quarter 2 earnings after the bell with revenue of $23.7 billion which was just slightly below Wall Street consensus estimates of $24.2 billion, however profits of $2.61 a share were three cents ahead of Wall Street estimates.
IBM raised its 2010 net income guidance to $11.25 per share, an increase of five cents per share over the previous guidance, and displays IBM’s ability to squeeze every penny out of its flagship technology services and software divisions.
Software revenue, systems and technology revenue, and services revenue were all up two, three, and two percent respectively. At the end of the quarter, IBM has $12.2 billion in cash. Gross margins were 45.6%, against 45.5% for the quarter a year ago. Revenues were down in EMEA by 6%, while revenues were up 3% in the Americas, and up 9% in Asia. IBM shares traded lower in after hours trading hitting the 124.83 level.
Moving forward, IBM could be looking at more of the same, i.e., range bound trading between the parallel lines on the chart:
If you’re really serious about maximizing your returns in the stock market using stock charts, then you absolutely have to check out World Record Trader Dan Zanger. In his newsletter, the multi millionaire trader reveals the trading methods he used to generate a 29,233% return in one years time. This record has been audited by a firm that specializes in auditing professional money managers. Take a FREE two week trial today and decide for yourself!