IBM Ends String of Falling Profits

NEW YORK — International Business Machines Corp. broke a string of five quarters of falling profits and posted a 12.2% gain in the July-September period, according to figures released today.

IBM said it earned $1.21 billion, or $2 a share, in the third quarter, compared to $1.08 billion, or $1.76 a share, a year earlier. The results were slightly below analysts’ forecasts, which have steadily fallen as optimism over IBM’s growth prospects has receded.