International Business Machines Corp. (IBM) 3Q 2017 Earnings Send Shares Higher

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International Business Machines Corp. (IBM) 3Q 2017 Earnings Send Shares Higher

IBM 3Q 2017 earnings were released after closing bell, and the company posted non-GAAP earnings of $3.30 per share on $19.2 billion in sales, compared to the consensus estimates of $3.28 per share in adjusted earnings on $18.57 billion in revenue. In the year-ago quarter, the company reported adjusted earnings of $3.29 per share on $19.23 billion in sales.

On a GAAP basis, IBM 3Q 2017 earnings fell 2% year over year to $2.92 per share. The company’s key focus segment is its Strategic Imperatives business, and the segment’s revenue rose 11% year over year to $8.8 billion. Over the trailing 12 months, Strategic Imperatives revenue has grown 10% to $34.9 billion, making up 45% of the company’s total revenue.

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Cloud revenues rose 20% year over year to $4.1 billion. IBM’s cloud as-a-service revenues had an annual exit run rate of $9.4 billion. Third-quarter an