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International Business Machines Corp. Q1 adjusted earnings Beat Estimates

International Business Machines Corp. (IBM) announced earnings for first quarter that dropped from last year.

The company's bottom line came in at $1.59 billion, or $1.78 per share. This compares with $1.68 billion, or $1.81 per share, in last year's first quarter.

Excluding items, International Business Machines Corp. reported adjusted earnings of $2.01 billion or $2.25 per share for the period.

Analysts had expected the company to earn $2.22 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 4.7% to $18.18 billion from $19.07 billion last year.

International Business Machines Corp. earnings at a glance:

-Earnings (Q1): $2.01 Bln. vs. $2.27 Bln. last year.
-EPS (Q1): $2.25 vs. $2.45 last year.
-Analysts Estimate: $2.22
-Revenue (Q1): $18.18 Bln vs. $19.07 Bln last year.

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