Sales and profits rise at IBM

IBM has posted improved second-quarter results, with operating profits nudging up from $1.74bn to $1.82bn (£1bn to £1.05bn) year on year. The company also reported a 6% increase in year-on-year sales.

The improvement follows disappointing first-quarter results, which saw the firm introduce a quick-fire redundancy programme that slashed 14,500 jobs, around 70% of which were in Europe.

Big Blue says around 8,000 of those affected have already left the company. IBM is now engaged in a major hiring programme in India.