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IBM earns $4.1-billion, misses revenue expectations

A pedestrian walks past International Business Machines Corp. offices in New York. IBM benefits from long-term customer relationships that generate recurring revenue.

Scott Eells

IBM posted second-quarter revenue of $25.8-billion (U.S.) and net earnings of $4.1-billion as the technology and consulting company benefited from strong demand for software services but was hit by currency effects.

International Business Machines Corp, which has been shifting its focus from hardware to higher-margin services and software over the past decade, said on Wednesday that earnings per share, excluding items, was $3.51, beating average analysts' estimate of $3.43.

Revenue fell 3 per cent from the year-ago period and missed average expectations of $26.27-billion.

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