IBM (NYSE:IBM) earnings for first quarter of 2020 have IBM stock down after-hours Monday. This follows it reporting adjusted earnings per share (EPS) of $1.84, which is above Wall Street’s estimate of $1.79. However, the tech company’s revenue of $17.57 billion is below analysts’ estimates of $17.62 billion.
Here’s are some additional details from the most recent IBM earnings report.
- Adjusted per-share earnings are down 18.22% compared to $2.25 in the first quarter of 2019.
- Revenue is sitting 3.36% lower than the $18.18 billion reported in the same period of the year prior.
- Operating income of $1.18 billion is a 25.79% decrease year-over-year from $1.59 billion.
- The IBM earnings report also includes a net income of $1.18 billion.
- That also has it dropping 25.79% from the company’s net income of $1.59 billion from the same time last year.
Arvind Krishna, CEO of the company, said this about the IBM stock earnings report:
“Our first-quarter performance in cloud is a reflection of the trust clients place in IBM’s technology and expertise today, and positions us to continue building an enduring hybrid cloud platform for the future.”
IBM leaders will be going over the company’s earnings report in a conference call today. That call starts at 5:00 p.m. Eastern Time. It will be available on the company’s Investor Relations website via a webcast.
IBM stock was down 3.07% after markets closed Monday, but was up slightly when markets closed.
As of this writing, William White did not hold a position in any of the aforementioned securities.