The tech giant performed better than expected in fiscal Q1.
IBM shares were over 3% up in after-hours trading on Monday.
International Business Machines Inc. (NYSE: IBM) reported an unexpected increase in its first-quarter revenue on Monday. The company said that its financial performance in Q1 was better than what analysts had anticipated.
IBM shares were reported more than 3% up in after-hours trading on Monday. The stock is now exchanging hands at £98.23 per share. In comparison, International Business machines had started the year at a per-share price of a lower £88.61.
IBM’s Q1 financial results versus analysts’ estimates
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The COVID-19 pandemic has accelerated deployment of cloud-based projects worldwide and the IBM Corp. Garage is reaping the benefits.
The co-creation and agile development unit within IBM’s Global Business Services organization saw client engagements soar from 300 last January to 1,500 this month even as its workforce pivoted to virtual offices. The unit’s grounding in cloud and virtual collaboration tools help to make the switch with no lost work days and a 40% increase project completion speed, according to Debbie Vavangas, global lead for IBM Garage.
Launched in 2014 as a means to onboard customers to the IBM cloud, Garage has caught fire within the historically buttoned-down company, expanding to 16 locations while the diversifying beyond cloud applications to broader business innovation consulting.
Provided by Dow Jones By Maria Armental International Business Machines Corp. s stock traded down Friday, a day after reporting December quarter financial results, including revenue that missed Wall Street expectations. Shares were recently trading at $118.98, down 10% for the day and about 17% over the past 12 months. The tech icon which is in the process of separating its managed infrastructure services business in what would be its biggest business exit had already warned that the quarter s revenue results would reflect customers spending adjustments during the pandemic as well as product cycles and year-earlier comparisons. On Thursday, company officials said fourth-quarter revenue fell 6.5% to $20.37 billion, short of typical seasonality and analysts projections.
Provided by Dow Jones
By Akane Otani International Business Machines Corp. s stock is falling. Again. The tech company, whose shares have declined steadily since peaking in 2013, slid 11% Friday after reporting a drop in sales for every quarter of 2020. The stock move puts IBM s performance among Dow components in a familiar spot: at the bottom. IBM was the single biggest drag on the blue-chip index between its climb from 20000 in January 2017 to 30000 last November, according to a Dow Jones Market Data analysis. Although the stock market rose to numerous records over that time, IBM shares fell, shaving 367 points off the Dow.