IBM net profit down 1% to $2.29 billion

US computer giant IBM on Monday reported that first quarter net profit fell one percent to $2.29 billion while revenue declined 11% to $21.7 billion.

Earnings per share were $1.70, up from $1.64 in the same quarter last year.

"IBM continued to perform well in a very difficult economic environment," IBM chief executive Samuel Palmisano said in a statement.

"This was due to our long-term strategic focus: shifting into software and services, divesting of commodity businesses, and creating solutions that help clients reduce cost and conserve capital.

"We are well-positioned to continue to move aggressively and leverage our strong cash performance to make the most of the opportunities that arise, including smarter planet initiatives and other strategic options," Palmisano said.

"We remain ahead of pace for our 2010 roadmap of 10 dollars to 11 dollars per share."