IBM Growth Sustained Worldwide

With over half of its revenue (58%) coming from outside the United States, International Business Machines Corporation (NYSE: IBM) has been more insulated from recent weakness in the U.S. economy than many of its peers.

Further, we are encouraged with IBM's focus on more profitable businesses, such as software and services, and exit of low-margin businesses. IBM has strengthened its position through strategic investments and acquisitions in emerging higher value segments like SOA, Information on Demand, business process services, and open modular systems.