IBM (NYSE:IBM) earnings for the information technology company’s third quarter of 2019 has IBM stock falling on Wednesday. That is thanks to the company’s per-share earnings of $2.68. This better than Wall Street’s estimate of $2.67 for the quarter. Revenue also comes in at $18.03 billion, which is worse than analysts estimate of $18.22 billion.
Let’s take a more in-depth look at the most recent IBM earnings report.
- IBM’s EPS is down 21.64% from $3.42 in the third quarter of 2018.
- Its revenue comes in 3.89% lower than the $18.76 reported in the same period of the year prior.
- Operating income for the company comes in at $1.67 billion, which is 37.92% worse than the $2.69 billion reported during the same time last year.
- The IBM earnings report also has net income coming in at $1.67 billion.
- This is also a 37.92% from the company’s net income of $2.69 billion from the third quarter of the previous year.
Ginni Rometty, Chairman, President and CEO of the company, has this to say about the IBM earnings report.
“In the third quarter, as we continued to help clients with their digital reinventions, we grew revenue in our Cloud & Cognitive Software segment and in Global Business Services. Our results demonstrate that clients see IBM and Red Hat as a powerful combination and they trust us to provide them with the open hybrid cloud technology, innovation and industry expertise to help them shift their mission-critical workloads to the cloud.”
IBm continues to expect earnings per share of at least $12.80 for the year. Wall Street is estimating per-share earnings of $12.81 for the period.
IBM stock was down 4.37% after hours on Wednesday. The stock has only seen a marginal improvement year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.