TechnologyAccounting SoftwareIBM growth signals IT sector recovery

IBM growth signals IT sector recovery

Computing giant IBM has signalled the end of a three-year slump in IT spending after producing strong revenue and earnings figures for the final quarter of its financial year.

Bold: IBM embroiled in accounting scandal

The company’s fourth quarter results showed a 9% climb in revenues to $25.9bn compared with a year age while earnings per share jumped 16% after adjusting for last year’s charges relating to the acquisition of PwC Consulting.

‘I would characterise 2004 as a year when the IT industry will begin its next growth cycle,’ said IBM chief financial officer, John Joyce in the Financial Times. ‘In a recovering economy, customers’ first step is to update their technology infrastructure.’

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