IBM just released its quarterly earnings report and we’re covering it live.
EPS of $3.91, $0.14 better than what analysts expected. (They expected $3.77 . IBM hit revenues of $24.9 billion versus the consensus estimate of $25.39 billion.
Here’s a link to the full earnings release. (We’re still looking through it.)
Even though this was a miss on revenues, this is overall good news for IBM. The stock is up to over $200
Last quarter, IBM reported an uncharacteristic whiff, its worst miss in eight years. Revenue came up 5 per cent short, and, more importantly, profit missed, too. IBM turned in $3 per share, versus the $3.05 expected. Revenues were $23.41 billion, versus $24.62 billion expected.
IBM promised more cost cutting including layoffs, which began in June.
More to come …
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