IBM (NYSE:IBM) reported its quarterly earnings results late today, bringing in a profit that came in stronger than what was expected of it, while sales were in line with expectations, which played a role in lifting IBM stock slightly after hours.
On Wednesday, the company said its earnings on an adjusted basis, when excluding some items, tallied up to $3.17 per share. Wall Street saw the Armonk, New York-based tech business raking in an adjusted profit of $3.07 per share, according to data compiled by Refinitiv.
IBM added that, for the period, it amassed sales of $19.16 billion, which was 4% lower than its sales from the period a year ago. Analysts were calling for the information technology company to bring in revenue of $19.16 billion, according to data compiled by Refinitiv.
The company’s year-over-year revenue has now gone down for the fourth three-month period in a row. IBM’s Global Technology Services segment is its largest one, and its revenue tallied up to $6.84 billion, falling roughly 7% when compared to the year-ago quarter, while also missing the $7 billion FactSet guidance.
From the standpoint of its cloud and data platforms unit — which also includes cognitive apps and transaction platforms — totaled $5.65 billion in sales, ahead of the $5.55 billion that FactSet predicted.
IBM stock is up 0.5% after hours Wednesday following these results. IBM shares fell 0.3% during regular trading hours.