It is set to be another busy week over in the US with major companies, including Netlfix, Coca-Cola, Intel, Twitter, Snap and American Express set to release their earnings figures for the previous quarter. On Monday, International Business Machines Co. (IBM) released their latest figures after the closing bell.
The US technology giant reported total revenue of $18.75 billion in Q2 (up by 3% from a year ago), beating analyst forecast of $18.29 billion. Earnings per share was $2.33 per share, also above analyst prediction of $2.29 per share.
Arvind Krishna, IBM chairman and CEO commented on the latest results following the announcement – “In the second quarter client adoption of our hybrid cloud platform contributed to strong performance in Global Business Services and software and drove improved overall revenue growth. At the same time, we continued to help clients infuse our AI-based technology offerings into their core business workflows.”
“We are pleased with our progress and we remain on track to deliver full-year revenue growth and meet our cash flow objective,” he added.
IBM Chart (1Y)
Share price of IBM ending Monday’s trading session lower by 0.71%, ending day at $137.92 per share. However, the latest earnings sent the stock higher in after hours trading, up around 3%. The stock is up by around 9% in the last year.
Sources: IBM, Refinitiv, TradingView
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