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.
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.
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.
Stay Informed! Stay Competitive! Please join us at Vista Partners, and receive our FREE email updates throughout the week and view our exclusive content and research.