IBM beats Wall Street expectations with $1.33B in revenue
IBM reported second-quarter earnings of $1.33 billion
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International Business Machines Corp. (IBM) on Monday reported second-quarter earnings of $1.33 billion.
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On a per-share basis, the Armonk, New York-based company said it had net income of $1.47. Earnings, adjusted for non-recurring costs and costs related to mergers and acquisitions, came to $2.33 per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $2.25 per share.
The technology and consulting company posted revenue of $18.75 billion in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $18.24 billion.
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IBM shares have increased almost 10% since the beginning of the year, while the S&P’s 500 index has climbed 13%. In the final minutes of trading on Monday, shares hit $137.97, a rise of 10% in the last 12 months.