At the beginning of October, IBM announced that will reinvent itself and will focus on cloud services. Now, the New York-based company posted its #Q3 #earnings which surprised Wall Street.
When it made the abovementioned announcement, #IBM released its preliminary Q3 earnings numbers. At that time, the company was expecting $17.6 billion in revenues, with an EPS of $2.58. The latest focus on cloud services was beneficial for IBM; this segment's revenue increased 19% to $6 billion.
International Business Machines Corp. reported a Q3 net income of $2.3 billion, or $2.58 per share. The quarterly revenue figures came in at 17.56 billion, topping the $17.54 billion consensus.
The revenue from the global business services came in at $4 billion. The figures came higher than the $3.9 billion expected, but it fell short of the mark set last year of $4.12 billion.
After the news hit the wire, IBM stock price closed 2.7% in extended trading. Year-to-date, the company’s stock price fell 6%, while USA30 lost 1%. USA500 rose 6%, and TECH100 gained 28%.
Read all about IBM’s split here!
Sources: cnbc.com, marketwatch.com