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IBM looks for growth from emerging markets

Simon Quicke

After having revealed the main details of its quarterly figures last week, in a move to shore up its share price, IBM was again talking up its position on the day it was meant to have released its figures.

Last week, following a two year low in its share price, Big Blue revealed that it had increased profits by 20% to $25.3bn in its third quarter. It had the desired effect rallying the share price. Although profits were up revenues were weakened by the strong dollar and rose by 5% to $25.3bn.

In the slot for the full announcement of its Q3 results the vendor announced yesterday that it expects to hit its long-term profit targets and added that it held $10bn in cash and had access to funds if required.

One of the keys to future strategy appears to be an increased concentration on emerging markets.

"Our strategy to manage for productivity in major markets and to invest for growth in emerging countries have enabled IBM to thrive despite an economic environment that no one could have predicted. We remain confident in our full-year 2008 outlook," said CEO, chairman and president of IBM Sam Palmisano in a statement.

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