Fresh from a year of 10,000 job cuts, other cost-savings measures and the sale of its personal computing division to Lenovo, IBM reported $1.71 billion in quarterly profits on Tuesday.

Unlike a year ago, IBM (NYSE: IBM) beat analysts’ expectations with earnings of $1.08 per share. Analysts had expected earnings of $1.05 a share.

The news sent IBM shares up $1.14 in after-hours trading to $84.45.

A year ago, IBM reported $1.4 billion, or 84 cents a share, in profits. The news, which failed to meet expectations, helped set off a year of cost cutting.

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