News Formal

Kyndryl Earnings Top Estimates. The Turnaround Is Ahead of Schedule

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 36 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 97%

Business News News

Business Business Latest News,Business Business Headlines

The IT infrastructure provider, spun out of IBM two years ago, raised its forecast for full-year 2023 adjusted pretax income.

The IT infrastructure provider Kyndryl celebrated the second anniversary of its spinout from IBM with better-than-expected financial results.For the third quarter, Kyndryl posted revenue of $4.1 billion, about $100 million ahead of the consensus call among analysts tracked by FactSet. Adjusted earnings before interest, taxes, depreciation and amortization, or Ebitda, was $574 million, well above the Street consensus of $487 million.

When Kyndryl was spun out of IBM in 2021, the company told investors it would take a few years for it to return to growth and profitability. But in an interview with Barron’s, CEO Martin Schroeter said the company is ahead of where it had expected to be at this point. Kyndryl is raising its forecast for full-year 2023 adjusted pretax income to at least $140 million, from at least $100 million, while boosting its estimate for adjusted Ebitda margin to 14.5% from 14%.

“The reason we have turned around the business much faster than the sell-side or investors thought is that we are critical to our customers’ success in taking advantage of secular trends. We’re their heart and lungs.”

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Uber Q3 Earnings: Top-Line Growth, Profitability Could Propel Stock to New HighsStocks Analysis by Investing.com (Damian Nowiszewski) covering: Uber Technologies Inc, LYFT Inc. Read Investing.com (Damian Nowiszewski)'s latest article on Investing.com
Source: Investingcom - 🏆 450. / 53 Read more »

Uber notches earnings beat but comes up short on the top lineEmily Bary is a MarketWatch news editor based in New York.
Source: MarketWatch - 🏆 3. / 97 Read more »

Brink’s Q3 earnings top estimatesCiara Linnane is MarketWatch's investing- and corporate-news editor. She is based in New York.
Source: MarketWatch - 🏆 3. / 97 Read more »

Fashion's Top Takeaways from Tech EarningsBig Tech’s rebound was apparent during earnings. So was a greater push toward AI. Here’s how that’s changing the game for platforms and the brands that rely on them.
Source: wwd - 🏆 24. / 68 Read more »

Il Makiage parent Oddity’s third-quarter earnings top estimatesCompany again raises its full-year guidance
Source: MarketWatch - 🏆 3. / 97 Read more »