As per reports, International Business Machines Corporation’s (IBM) second-quarter results exceeded expectations reporting adjusted earnings of $2.31 a share on revenue of $15.5 billion, beating analysts’ estimates of $2.27 on revenue of $15.1 billion. Revenue jumped 9% from the year-ago quarter and 16% in constant currency. Software revenue climbed 6% to $6.2 billion, or 12% in constant currency.
The quarter results included changes IBM was required to make for the spinoff of Kyndryl, its former managed infrastructure services business, which was completed in November. As a result, Kyndryl’s historical operational activity has been reclassified to IBM’s discontinued operations as required by generally accepted accounting principles, or GAAP. In the separation, Kyndryl was valued at about $19 billion.
“In the quarter we delivered good revenue performance with balanced growth across our geographies, driven by client demand for our hybrid cloud and AI offerings. With our first half results, we continue to expect full-year revenue growth at the high end of our mid-single-digit model,” stated IBM Chief Executive Arvind Krishna.
Dow 30 component International Business Machines Corporation (IBM) provides information technology (IT) products and services worldwide. To learn more about International Business Machines Corp (IBM) and to track its ongoing progress please visit the Vista Partners IBM Coverage Page.
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