Shares of IBM rose as much as 4% on Wednesday after the company reported better-than-expected second-quarter earnings.
Here are the key numbers:
Earnings: $3.17 per share, excluding certain items, vs. $3.07 per share as expected by analysts, according to Refinitiv.
Revenue: $19.16 billion, vs. $19.16 billion as expected by analysts, according to Refinitiv.
IBM’s revenue fell 4% from a year earlier even as earnings grew 3%, the company said in a statement. Year-over-year revenue has now declined for the fourth quarter in a row.
IBM’s biggest business segment, Global Technology Services — which includes technology support services as well as infrastructure and cloud services — produced $6.84 billion in revenue, down almost 7% and below the $7 billion consensus estimate among analysts surveyed by FactSet.