IBM Rose Over 2% in Premarket Trading as It Beat Revenue Expectations on Cloud, Consulting Strength
Tiger Newspress2022-01-25
IBM rose over 2% in premarket trading as it beat revenue expectations on cloud, consulting strength.
IBM's cloud revenue rose 16% to $6.2 billion during the quarter.
Revenue at IBM's consulting business, a segment where it competes with Accenture Plc and SAP, rose 13.1% to $4.75 billion.
During the quarter ended Dec. 31, net income rose to $2.33 billion, or $2.57 per share, from $1.36 billion, or $1.51 per share, a year earlier.
Revenue rose 6.5% to $16.7 billion, adjusted for the separation of the managed infrastructure services business, now Kyndryl. Analysts on average had expected $15.96 billion, according to IBES data from Refinitiv.
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