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Revenue from the cloud business increased 30 percent to $6.3 billion.
The company reported second-quarter earnings of $1.36 billion.
|IBM||INTERNATIONAL BUSINESS MACHINES CORP.||120.25||-2.51||-2.04%|
On a per-share basis, that breaks down to net income of $1.52. Earnings, adjusted for costs related to mergers and acquisitions and non-recurring costs, were $2.18 per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $2.14 per share.
Revenue for the technology and consulting company fell 5.4 percent to $18.12 billion in the period, but still exceeded Street forecasts. Three analysts surveyed by Zacks expected $17.71 billion.
The Associated Press contributed to this article.