IBM First Quarter Profits Jump 26%

US revenue up 6% despite slowdown
By Peter Fearon,  Newser Staff
Posted Apr 17, 2008 4:39 AM CDT
IBM stock rose after reporting a 26% increase in profits despite the economic slowdown.   (AP Photo/Henny Ray Abrams)
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(Newser) – Bellwether IBM posted a 26% spike in profits for the first quarter, proving that some tech companies are escaping the fallout from the economic downturn. The gains include a 6% increase in American revenue to $9.9 billion and are attributed to corporate customers buying products and services designed to improve productivity or cut costs, reports the Wall Street Journal.