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.
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