04-20-2022, 11:03 AM
- IBM beat consensus on the top and bottom lines.
- The technology services company offloaded Watson health-care assets to a private-equity firm in the quarter.
- The stock has outperformed the S&P 500 so far this year.
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IBM shares rose 3% in extended trading on Tuesday after the technology services company issued first-quarter results that beat expectations.
Here’s how the company did:
- Earnings: $1.40 per share, adjusted, vs. $1.38 per share as expected by analysts, according to Refinitiv.
- Revenue: $14.2 billion, vs. $13.85 billion as expected by analysts, according to Refinitiv.
Revenue in the period rose 7.7% from a year earlier, IBM said in a statement. This is the company’s first full quarter without the managed infrastructure services business it spun off into an entity called Kyndryl. Sales to Kyndryl added 5 percentage points to revenue growth in the quarter. But Kyndryl won’t be delivering growth after October, CEO Arvind Krishna said on a call with analysts.
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