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IBM Announces Two significant Quantum Processor Upgrades & Quarterly Earnings

By John F. Heerdink, Jr.

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 also released quarter earnings recently, reporting revenue below analyst expectations, but profit figures exceeded estimates as sales in its cloud computing business increased by 19%.  IBM reported a first-quarter profit of $1.18 billion or $1.31 per share, compared to $1.59 billion or $1.78 per share last year. Excluding items, IBM’s adjusted earnings were $1.65 billion or $1.84 per share for the quarter. Net income for the quarter totaled $1.18 billion in the quarter, down 26% year over year.

IBM’s first-quarter revenues declined 3.4% to $17.57 billion from $18.18 billion last year. Analysts polled by Thomson Reuters estimated revenues of $17.62 billion for the quarter.

IBM withdrew its full-year 2020 guidance due to the on-going  COVID-19 crisis.

To learn more about International Business Machines Corp (IBM) and to track its ongoing progress please visit the Vista Partners IBM Coverage Page

 

Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.

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(Read Original Story: IBM Q1 Profit Tops Street, Revenues Miss; Withdraws Outlook Due To COVID-19 in NASDAQ)


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