IBM’s cloud business helped it top Wall Street revenue targets (IBM)
http://ift.tt/2xNZzmj
AP
IBM benefitted from new and old businesses in the third quarer, as its cloud computing offerings as well as sales of mainframe computers helped the company beat Wall Street revenue targets.
Shares of IBM were up nearly 4% in after hours trading on Tuesday, following the earnings release.
Even so, IBM failed to put an end to its 22-quarter revenue decline.
Here’s what the company reported:
- Revenues (GAAP) were at $19.15 billion, down from $19.23 billion in the year ago period, but above analyst estimates of $18.59 billion.
- Earnings per share (non-GAAP) were at $3.30, compared to analyst estimates of $3.28.
- Projected earnings for fiscal 2017 (non-GAAP) are $13.80, compared to analyst estimates of $13.75.
Despite the decline, IBM appears to be growing where it counts.
Cloud services — one of the company’s key areas of focus — saw revenues of $4.1 billion for the quarter, up 20% from the third quarter last year. Last quarter, cloud revenues were at $3.9 billion, up 15% from the second quarter last year.
NOW WATCH: All blue-eyed people have a single ancestor in common
See Also:
- IBM is using the technology behind bitcoin to help businesses in countries with weak banking systems
- HP’s stock set a new 52-week high on Friday after delivering a strong profit forecast
- This addictive free paperclip game is also a terrifying lesson in how artificial intelligence will make us unnecessary
SEE ALSO: IBM is using the technology behind bitcoin to help businesses in countries with weak banking systems
business
via Business Insider http://ift.tt/eKERsB