IBM's first quarter profits fall; sales miss estimates

The first quarter of 2009 was nothing for IBM to write home about. Net income and sales fell in this year's first quarter. Sales missed analyst estimates. Sales fell 11 percent to $21.7 billion, lower than the $22.51 billion expected by analysts polled by Thomson Reuters.

Net income was reported at $2.3 billion, or $1.70 a share, which at least was better than the $1.66 expected by analysts. Computer and software sales fell in the quarter for IBM, which could pressure the company to make acquisitions.