Wednesday, July 23, 2008 IBM posts double-digit profit in Q2
ONE of the country's top information technology firms has reported a double-digit increase in profit for the 2nd quarter of 2008 as compared to the same period last year.
IBM Philippines reported that its profit for the months of April to June of 2008 has yielded a 16 percent increase. In the world market, the shares of the company had earnings of over 28 percent per share.
Last Thursday, IBM announced its second quarter results, with earnings up 28 percent to $1.98 per share, beating analyst consensus estimates of $1.81 per share.
Revenue was also significantly higher than analyst estimates, up 13 percent to $26.8 billion compared to the same quarter last year.
IBM's strong performance in the second quarter underlines the success of IBM's strategy of investing in emerging economies as these developing nations build out their infrastructures.
Some of the major projects of IBM Philippines includes a 10-year, $324-million business transformation outsourcing (BTO) project with Bristol-Myers Squibb to "transform and support" the company's global human resource (HR) functions; a 7-year business transformation project with Fluor Daniel to manage its Network Infrastructure, Desktop and LAN; and the new green IT infrastructure and energy-efficient systems that we have built for Meralco, Landbank, and RCBC. (CPM/With Press release)
