IBM Earnings, Revenue Beat in Q1
2022.04.19 23:37
IBM Earnings, Revenue Beat in Q1
Investing.com – IBM (NYSE:IBM) reported on Tuesday first quarter earnings that beat analysts’ forecasts and revenue that topped expectations.
IBM announced earnings per share of $1.4 on revenue of $14.2 billion. Analysts polled by Investing.com anticipated EPS of $1.39 on revenue of $13.88 billion.
IBM’s software revenue rose 12%, consulting revenue increased 13%, and infrastructure revenue declined 2%. During the first quarter, the company’s hybrid cloud revenue came in at $5.0 billion, up 14%.
“Demand for hybrid cloud and AI drove growth in both Software and Consulting in the first quarter,” said Arvind Krishna, IBM chairman and chief executive officer. “We are off to a solid start for the year, and we now see revenue growth for 2022 at the high end of our model.”
IBM shares are down 3% from the beginning of the year, still down 15.39% from its 52-week high of $152.84 set on June 10, 2021. They gained 2.85% in after-hours trade following the report.
Looking ahead, IBM sees revenue growth in the high end of the mid-single-digit range, while it also expects an additional 3.5 point contribution from incremental sales to Kyndryl.
