IBM\u2019s results outpaced expectations for income and revenue. The company began selling the z16 mainframe computer during the quarter, leading Z systems sales to jump 69%, compared with a decline of 19% in the prior quarter.
IBM\u2019s revenue rose 9% year over year in the quarter, according to a statement. Income from continuing operations increased to $1.47 billion from $810 million in the year-ago quarter. The company\u2019s shares slid as much as 4% in extended trading on Monday after the company trimmed its 2022 cash forecast. It still beat on the top and bottom lines.
IBM\u2019s management called for $10 billion in free cash flow for all of 2022, down from the range of $10 billion to $10.5 billion that it provided in April. Kavanaugh blamed the strong dollar and the suspension of business in Russia.
Executives reiterated their plan for constant-currency revenue growth at the high end of their mid-single-digit model for the year. Currency negatively impacted reported revenue by over 6% of growth, or $900 million, which was $200 more than spot rates had indicated three months ago.
IBM reported $6.17 billion in software revenue in the second quarter, up 6% but below the expected $6.3 billion.
Earnings: $2.31 per share, adjusted, vs. $2.27 per share as expected by analysts.
Revenue: $15.54 billion, vs. $15.18 billion as expected by analysts.<\/p>\n","protected":false},"excerpt":{"rendered":"
IBM\u2019s results outpaced expectations for income and revenue. The company began selling the z16 mainframe computer during the quarter, leading Z systems sales to jump 69%, compared with a decline of 19% in the prior quarter.IBM\u2019s revenue rose 9% year over year in the quarter, according to a statement. Income from continuing operations increased to …<\/p>\n","protected":false},"author":13,"featured_media":68659,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[39,36],"tags":[7113,7855],"class_list":["post-68653","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-global-stock-markets","category-market-updates","tag-earnings","tag-ibm"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/68653","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=68653"}],"version-history":[{"count":3,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/68653\/revisions"}],"predecessor-version":[{"id":68658,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/68653\/revisions\/68658"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/68659"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=68653"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=68653"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=68653"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}