IBM reports 7% increase in first-quarter net income
NEW YORK (AP) -- IBM Corp.'s first-quarter net income grew 7 percent, helped by strong profit margins in its services business and strong revenue growth across its software and services businesses.
IBM said Tuesday that it earned $3.07 billion, or $2.61 per share, in the January-March period. That's up from $2.86 billion, or $2.31 per share, a year earlier.
Excluding special items such as acquisition costs, IBM earned $2.78 per share in the latest period.
Revenue was flat at $24.7 billion, falling short of analysts' expectations. Software and services revenue grew, but IBM's hardware and financing segments saw a decline.
IBM's stock fell $3.95, or 1.9 percent, to $203.50 in after-hours trading Tuesday. During the regular session, the stock gained $4.73, or 2.3 percent, to close at $207.45.
Intel's earnings fall 13%
NEW YORK (AP) -- First-quarter earnings at Intel Corp., the world's largest chipmaker, fell 13 percent as spending on research and marketing rose while sales were flat.
The results beat analyst expectations but failed to sustain Intel's stock, which hit a seven-year high of $28.78 in regular trading. In extended trading, after the release of the results, the shares fell 68 cents, or 2.4 percent, from the close to $27.79.
Intel's first-quarter net income was $2.74 billion, or 53 cents per share, down from $3.16 billion, or 56 cents per share, a year earlier.
Analysts polled by FactSet were expecting earnings of 50 cents per share.
Revenue was flat at $12.9 billion. Analysts were expecting $12.8 billion.
Modest progress for Yahoo
SAN FRANCISCO (AP) -- Yahoo's first-quarter results showed signs of modest progress under recently hired CEO Scott Thompson.
The long-struggling Internet company said Tuesday that it earned $286 million, or 23 cents per share, during the first three months of the year. That represented a 28 percent increase from net income of $223 million, or 17 cents per share, at the same time last year.
The earnings for this year's quarter exceeded the average estimate of 17 cents per share among analysts surveyed by FactSet.
Revenue totaled $1.22 billion, an increase of less than 1 percent from the same time last year.
After subtracting commissions paid to its advertising partners, Yahoo's revenue worked out to $1.08 billion, also up slightly from last year. It marked the first time since the third quarter of 2008 that Yahoo's quarterly net revenue has increased from the previous year.
SKF gets $1.3 million grant
SKF Aeroengine, a bearings manufacturer that built a new plant in Falconer, has received a $1.375 million grant from Empire State Development that was part of the financial package to entice the company to remain in Western New York.
SKF, which had threatened to move to South Carolina, decided in 2010 to build an $18 million plant in Falconer that preserved 600 local jobs. The state grant covers some of the equipment and machinery that was needed for the plant's heat treating and research and development operations.
Casino holding career fair
The Seneca Niagara Casino & Hotel will hold its sixth annual Spring Career Fair today.
The event will take place from 11 a.m. to 7 p.m. today at Seneca Niagara Events Center in Niagara Falls. Recruiters will be seeking to fill more than 70 full- and part-time positions, including information technology specialists, cage cashiers, warehouse attendants, cooks, housekeepers, various food and beverage positions.
For more information, visit www.senecacasinos.com and click on "careers."
More than 500 people attended last year's fair, 76 of whom ended up employed by the casino and hotel.