IBM, the giant US computer company unveiled its quarterly figures yesterday which showed raise in its earnings this year. The shares of IBM rose to a six year high $124 which was at $120.47 before the release of the earnings report. IBM’s increased earnings allayed fears of job cuts and brought much relief to the difficult market conditions. It was earlier predicted that corporate world of America is tightening their budgets due to the economic downturn and want to curtail expenditure by reducing the spending on new technology. But, now the results of the earning report discourage such forecasts.

On the other hand, IBM has been battered by financial crisis last year and also suffered major job cuts. Now, IBM on its first three months report stated that its profits had surged 26 percent which is about 1.18 billion pounds in contrast with the corresponding period last year. The revenue of IBM had risen 11 percent to 24.5 billion dollars which has beaten the expectations of Wall Street. IBM confirmed that its sales in US had risen above 6 percent over the period. Mark Loughridge, the finance officer of the company said that this has echoed the company’s balance between US and international revenue flows. He added that the powerful first quarter had shown some optimistic signs.