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IBM Releases Q1 Earnings Finding Growth In The Cloud – $IBM $DIA

By John F. Heerdink, Jr.

International Business Machines Corporation (IBM) released first-quarter earnings, reporting a revenue increase of 8% to $14.20 billion in the first quarter, beating estimates of $13.85 billion. Adjusted profit of $1.40 per share also topped expectations of $1.38. IBM expects to hit the top end of its revenue growth forecast for 2022 even as it flagged a $300 million knock to revenue from the suspension of its business in Russia. 

The company expects to hit the higher end of its mid-single-digit revenue growth forecast for this year, with the growth expected to come from the consulting business. Analysts expect average annual revenue of $60.69 billion, implying a year-on-year rise of 5.8%. IBM is betting on high-growth software and consulting businesses with a focus on the so-called “hybrid cloud”. Its cloud revenue jumped 14% to $5 billion during the reported quarter.

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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(Read Original Story: UPDATE 2-IBM forecasts upbeat 2022 revenue on cloud strength; flags Russia hit in Reuters)


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