International Business Machines Corp. Beats Earnings Estimates

International Business Machines Corp. Beats Earnings Estimates

International Business Machines (IBM) released its earnings after the bell Monday and revealed a beat on both earnings per share and revenue.

IBM reported earnings per share of $2.35 on $18.68 billion in revenue. This beat analyst estimates. According to a consensus estimate the company was expected to post earnings per share of approximately $2.09 on $18.29 billion in revenue.

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International Business Machines beats analyst predictions

In April 2016, IBM announced the acquisition of Truven Health Analytics for $2.6 billion. The move brought 8,500 new clients to the company’s Watson Health portfolio.

This Monday the Cloud Video unit revealed that it would enter into partnerships with Comic-Con, Canadian Broadcasting, AOL and Broadway Video.

Shares in the company have risen this year but analysts remain wary, with Credit Suisse citing internal turmoil at the company. The bank believes that IBM is in decline rather than transition and cites the cloud as an area for concern.

CEO Rometty pleased with progress

However IBM reported that quarterly revenue from strategic imperatives increased 14% year on year. This includes cloud, analytics and engagement.

Revenue from cloud services is up 34% this quarter and reached a total of $10.8 billion over the past 12 months.

“We are pleased with the progress we have made helping our clients apply new cognitive solutions and hybrid cloud platforms,” Ginni Rometty, chairman and CEO of IBM, said in a statement.

IBM upheld its full-year guidance of at least $13.50 per share.

Big Blue closed today’s trading at $152.53 up $0.81 or a modest 0.53% for the day on a bit more than average volume. However, despite beating both earnings per share and revenue numbers in its after the bell reporting, the stock is taking a bit of shellacking at present in after hours trading.

Shares are presently (4:44PM EDT) trading down at $148.50 for a loss of over $4.00 per share or, a surprising, 2.65%.

This almost proves you can’t make everyone happy.

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While studying economics, Brendan found himself comfortably falling down the rabbit hole of restaurant work, ultimately opening a consulting business and working as a private wine buyer. On a whim, he moved to China, and in his first week following a triumphant pub quiz victory, he found himself bleeding on the floor based on his arrogance. The same man who put him there offered him a job lecturing for the University of Wales in various sister universities throughout the Middle Kingdom. While primarily lecturing in descriptive and comparative statistics, Brendan simultaneously earned an Msc in Banking and International Finance from the University of Wales-Bangor. He's presently doing something he hates, respecting French people. Well, two, his wife and her mother in the lovely town of Antigua, Guatemala. <i>To contact Brendan or give him an exclusive, please contact him at [email protected]</i>
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