IBM Earnings Beat, Revenue Misses in Q3
Investing.com
Published Oct 16, 2019 04:12PM ET
IBM Earnings Beat, Revenue Misses In Q3
Investing.com - IBM (NYSE:IBM) reported third-quarter earnings that beat analysts' expectations on Wednesday, but revenue that fell short of forecasts.
The company reported earnings per share of $2.68 on revenue of $18.03 billion. Analysts polled by Investing.com forecast EPS of $2.67 on revenue of $18.23 billion. That compared to EPS of $3.42 on revenue of $18.76 billion in the same period a year earlier.
Profit was helped by IBM's high-margin cloud computing business.
IBM (NYSE:IBM) shares lost 2.53% to trade at $138.45 postmarket.
The Armonk, New York-based technology services giant, which wrapped up the mega cloud merger with Linux maker Red Hat Inc (NYSE:RHT) earlier this year, has faced years of revenue declines in the process of shifting focus to the cloud from traditional business.
Ginni Rometty, IBM (NYSE:IBM) chief executive for more than seven years, has been able to steer the company towards fast-growing cloud-computing business and lower its dependence on its traditional hardware products, but not without a bumpy journey. The newer areas of focus have sometimes underwhelmed investors.
IBM's global technology services segment, the company's biggest, reported $6.70 billion in revenue, down 5.6% from a year earlier.
-- Reuters contributed to this report.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.