IBM shares rose as much as 4% in extended trading on Monday after the enterprise technology and services provider reported second-quarter earnings that came in stronger than analysts had expected.
Here’s how the company did: - Earnings: $2.33 per share, adjusted, vs. $2.29 per share as expected by analysts, according to Refinitiv. - Revenue: $18.75 billion, vs. $18.29 billion as expected by analysts, according to Refinitiv. - Revenue grew 3% year over year in the quarter, according to a statement, the fastest growth in three years, as the company laps a quarter that saw meaningful impact from the coronavirus. In the previous quarter revenue had grown 0.9%. The company reiterated its expectation that revenue will grow, rather than decline, in the full year. The Cloud & Cognitive Software business, which includes Red Hat, contributed $6.10 billion in revenue, up 6% and more than the FactSet consensus of $5.93 billion. So much for IBM is doomed. ---------------------------------------------------------------------- For IBM-MAIN subscribe / signoff / archive access instructions, send email to [email protected] with the message: INFO IBM-MAIN
