International Business Machines yesterday reported its third-quarter profit that met expectations, but the world's largest computer maker's sales fell below what analysts had hoped for, even as the company posted sales growth for the first time in a year. The company, which employs 2,000 people at its Mulhuddart, Dublin, plant, reported third-quarter net income of $2 billion (€2.54 million), or $1.08 per share, compared with net income of $1.70 billion, or 90 US cents, a year ago, excluding certain one-time gains. That met analysts' consensus estimate of $1.08 per share.

Sales rose 3 per cent to $21.8 billion, missing analysts' forecasts for sales of $22.4 billion. A weak euro hurt sales growth by reducing the total amount of revenue when converted back into dollars. Without the currency effect, sales would have risen 6 per cent, IBM said.