International Business Machines Corp. (NYSE:IBM) posted its third-quarter results late Tuesday.
The company unveiled its earnings late into the fiscal year 2017, yielding earnings of $3.30 per share, which topped Wall Street’s expectations of $3.28 per share, according to Thomson Reuters.
Revenue was another strong spot for IBM, coming in at $19.15 billion versus the $18.6 billion analysts’ projected in their consensus estimate, per Thomson Reuters. However, the quarterly string of revenue loss continues for the PC maker as this marks the 22nd consecutive quarter in which the company’s revenue has declined.
However, cloud revenue was a strong spot for IBM, as it came in at $4.1 billion, rising 20% year-over-year. The segment — which includes cloud delivered as a service — has a $9.4 billion annual revenue rate for cloud delivered as a service based on its third-quarter revenue, 7% higher than the previous quarter and 25% higher year-over-year.
The company’s Technology Services and Cloud Platforms segment yielded $8.5 billion in revenue for the period, a 3% decline compared to the year-ago quarter. Its Cognitive Solutions segment raked in $4.4 billion, marking a 4% surge compared to the a year ago.
IBM now predicts that it will finish the calendar year with at least $13.80 in earnings per share, the company said in a statement. The figure is ahead of analysts’ projections of $13.75 per share in profit.
IBM shares grew 4.9% after the bell on Tuesday.