ARMONK, N.Y. (AP) _ International Business Machines Corp. (IBM) on Tuesday reported first-quarter net income of $1.59 billion.

On a per-share basis, the Armonk, New York-based company said it had profit of $1.78. Earnings, adjusted for costs related to mergers and acquisitions and pretax expenses, came to $2.25 per share.

The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $2.21 per share.

The technology and consulting company posted revenue of $18.18 billion in the period, which missed Street forecasts. Five analysts surveyed by Zacks expected $18.53 billion.

IBM expects full-year earnings to be $13.90 per share.

IBM shares have increased 28 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 16 percent. In the final minutes of trading on Tuesday, shares hit $145.08, a drop of 8 percent in the last 12 months.


This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on IBM at