Dow 30 component International Business Machines Corporation (IBM) provides information technology (IT) products and services worldwide. IBM announced recently two significant quantum processor upgrades for its IBM Q early-access commercial systems. These upgrades represent rapid advances in quantum hardware as IBM continues to drive progress across the entire quantum computing technology stack, with a focus on systems, software, applications, and enablement.
IBM announced its Q3 results depicting weaker-than-expected third-quarter revenue on Wednesday dissappointing Wall Street.
Here’s how IBM did:
- EPS (GAAP) from continuing operations of $1.87 and Operating (non-GAAP) EPS of $2.68 was reported.
- Net cash of $15.4 billion from operating activities was reported.
- Revenue declined by 3.9 percent at $18.0 billion.
- Revenue for Red Hat increased by 19 percent.
- The Cloud and Cognitive Software unit including Red Hat, cloud and data platforms, cognitive applications and transaction processing platforms reported $5.28 billion in revenue, up by 6.4%.
- Global Business Services business, comprising of application management, consulting and global process services, generated a revenue of $4.12 billion.
- Systems revenue came out to $1.48 billion.
- IBM’s cloud revenue was up 11% at $5 billion for the quarter.
- IBM expects to see at least $12.80 in earnings per share, excluding certain items, for all of 2019 and taking into account the impact from Red Hat acquisition, as per reports.
“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,” stated Ginni Rometty, IBM chairman, president and chief executive officer.
Sahres of IBM dropped to $132.26/share off 5.52% today.
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