IBM Shares Surge 5% Following Q3 Beat
By Davit Kirakosyan
IBM (NYSE:) shares were up more than 5% after-hours following the company’s reported , with EPS of $1.81 coming in better than the consensus estimate of $1.79. Revenue grew 6% (up 15% at constant currency) to $14.11 billion, beating the consensus estimate of $13.54 billion.
Software revenues were up 7.5% (up 14.2% at constant currency) to $5.8 billion. Consulting revenues were up 5.4% (up 15.6% at constant currency) to $4.7 billion. Infrastructure revenues grew 14.8% (up 23.1% at constant currency) to $3.4 billion. Financing revenues declined 5.7% (down 0.6% at constant currency) to $0.2 billion.
“IBM delivered strong revenue growth in the quarter, reflecting our continued focus on the execution of our strategy. Globally, clients view technology as an opportunity to enhance their business, which is evident in the results across our portfolio,” said Arvind Krishna, IBM chairman and CEO.
The company expects fiscal 2022 constant currency revenue growth above its mid-single digit model. It continues to expect about $10 billion in consolidated free cash flow.
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