ARMONK, N.Y. (AP) _ International Business Machines Corp. (IBM) on Monday reported first-quarter earnings of $1.18 billion.

On a per-share basis, the Armonk, New York-based company said it had profit of $1.31. Earnings, adjusted for one-time gains and costs, came to $1.84 per share.

The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.78 per share.

The technology and consulting company posted revenue of $17.57 billion in the period.

IBM shares have decreased 10% since the beginning of the year, while the Standard & Poor's 500 index has declined 13%. In the final minutes of trading on Monday, shares hit $120.58, a decrease of 14% in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on IBM at https://www.zacks.com/ap/IBM

Automated Insights, source Associated Press News