IBM fired on some cylinders in Q1, growing revenues seven per cent to $22bn and net income eight per cent to $1.8bn.

A good performance in EMEA (Europe, Middle East and Africa) and a very good performance in Asia-Pac compensated for flat revenues in the Americas.

Services - outsourcing and the like - and software did well, while hardware sales were OK, climbing two per cent in the quarter, and OEM sales were bad, falling five per cent to $828m.

IBM's earnings statement is here. ®