International Business Machines Corp. (NYSE: IBM) reported $2.82 EPS and $24.3 billion in revenues.  Thomson Reuters had estimates of $2.75 EPS and $24.12 billion in revenues.

As far as guidance, IBM said 2011 would come in at least $11.40 versus a prior floor of $11.25.  For 2010 the estimates are $11.29 EPS and $98.75 billion in revenues; for 2011 the estimates are $12.37 EPS and $102.46 billion in revenues.

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BM said its services backlog last quarter  $134 billion versus $129 billion just a quarter ago.  The company noted that this was actually down if you adjust for currency and flat over year ago levels.

BRIC countries revenue was up 29%, or 26% adjusting for currency; Business analytics revenue rose 14%; Systems and Technology revenue rose 10%, or 11% for currency adjustment; System z mainframe revenue rose 15%; MIPS rose 54%; Software revenue (excluding divested PLM operations) rose 4% but would have been up 6% adjusting for currency.  Services revenue rose 2 percent

IBM shares closed up 1.25% at $142.83 and shares hit an all-time high of $143.03 today.  Shares are down around $139.00 in the after-hours session for now.  This is just a classic “Sell the news after a big rally” action.

JON C. OGG