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IBM Releases Q2 Earnings Confirm Analysts’ Beat & Fastest Revenue Growth In 3 Years

By John F. Heerdink, Jr.

International Business Machines Corporation (IBM) reported Q2 earnings & beat analysts’ expectations. The company reported adjusted earnings of $2.33 per share vs. $2.29 per share expected. Revenue grew 3% year over year in the quarter and stood at $18.75 billion, vs. $18.29 billion expected.

“The overall spend environment continues to improve. With the economy reopening in many parts of the world, many markets and industries are getting back on track. We see this in North America and in select industries.” stated CEO Arvind Krishna on a conference call with analysts. 

Other Quarter Highlights:

  • IBM’s Global Technology Services segment, containing managed services, outsourcing, and support, delivered $6.34 billion in revenue slightly above the $6.23 billion analysts’ estimates.
  • The Cloud & Cognitive Software business, which includes Red Hat, contributed $6.10 billion in revenue, up 6% and ahead of $5.93 billion estimates.
  • The company’s Global Business Services consulting unit had $4.34 billion in revenue, growing almost 12% and higher than the $4.03 billion estimates.
  • Systems revenue, including hardware, stood at $1.71 billion, a drop of 7%, in line with estimates.
  • In the quarter IBM spent $1.75 billion on acquisitions, the most in a single quarter since it closed the $34 billion Red Hat acquisition in the third quarter of 2019.

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: IBM shows strongest revenue growth in three years in CNBC)


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