The latest round of IBM earnings (NYSE:IBM) results were unveiled late in the day on Tuesday, with the company’s profit coming in well ahead of what analysts were calling for, helping to send IBM stock up more than 6% after hours.
The tech giant said that for its fourth quarter of its fiscal 2018, it brought in adjusted earnings of $4.87 per share, which was stronger than the $4.82 per share that analysts were calling for, according to data compiled by Refinitiv. The company added that its revenue for the period tallied up to $21.76 billion, which marked a 3% decline year-over-year, but it topped the $21.71 billion that analysts were calling for, per Refinitiv.
For the full fiscal year, IBM said it amassed earnings of $13.81 per share on an adjusted basis, which was also better than the $13.78 per share that Wall Street forecasted, per Refinitiv. The company’s Technology Services and Cloud Platforms raked in $8.9 billion in revenue, below the $9.04 billion that analysts predicted, per FactSet.
The tech giant added that its Cognitive Solutions segment came in ahead of the mark with revenue of $5.5 billion, beating the guidance of $5.27 billion, according to FactSet.
IBM stock is soaring more than 6.9% after the company unveiled its latest quarterly earnings results, which beat the mark. Shares had been declining roughly 1.1% during regular trading hours in anticipation of the tech giant’s results.