IBM beats targets but sees revenues decline for 22nd quarter in a row (IBM)
IBM beat Wall Street expectations in its third-quarter financial results on Tuesday, sending its stock up about 3% in after-hours trading.
Even so, IBM failed to put an end to its 22-quarter revenue decline.
Here's what the company reported:
- Revenues (GAAP) were at $19.15 billion, down from $19.23 billion in the year ago period, but above analyst estimates of $18.59 billion.
- Earnings per share (non-GAAP) were at $3.30, compared to analyst estimates of $3.28.
- Projected earnings for fiscal 2017 (non-GAAP) are $13.80, compared to analyst estimates of $13.75.
Despite the decline, IBM appears to be growing where it counts.
Cloud services — one of the company's key areas of focus — saw revenues of $4.1 billion for the quarter, up 20% from the third quarter last year. Last quarter, cloud revenues were at $3.9 billion, up 15% from the second quarter last year.
SEE ALSO: IBM is using the technology behind bitcoin to help businesses in countries with weak banking systems
Join the conversation about this story »
NOW WATCH: The 5 best hidden features from the latest iPhone update
Contributer : Tech Insider http://ift.tt/2yqnCXM
No comments:
Post a Comment