IBM Shares Up 4% As Q1 Results Beat Street Estimates

Shares of chip maker International Business Machines Corp. (IBM) are rising 4 percent on Wednesday's trading, continuing the upward trend since Monday.

On Tuesday, the company reported results for the first quarter, with both earnings and revenues trumping Wall Street estimates.

IBM reported first-quarter profit of $733 million or $0.81 per share, down from $955 million or $1.06 per share last year.

Excluding items, IBM's adjusted earnings from continuing operations were $1.40 per share for the period. Analysts polled by Thomson Reuters expected earnings of $1.38 per share.

IBM's first-quarter revenues rose 8 percent to $14.20 billion from $13.19 billion last year. Analysts had a consensus revenue estimate of $13.85 billion for the quarter.

Currently at $135.08, the stock has traded between $114.56 and $146.12 during the past 52 weeks.

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