International Business Machines Corp. shares rose in the extended session Wednesday after the tech giant topped Wall Street earnings estimates for the second quarter and cloud revenue grew.
The company reported second-quarter net income of $2.5 billion, or $2.81 a share, compared with $2.4 billion, or $2.61 a share, in the year-ago period. Adjusted earnings were $3.17 a share.Analysts surveyed by FactSet had forecast earnings of $3.08 a share on revenue of $19.17 billion. Cloud and cognitive services revenue rose to $5.65 billion from $5.47 billion in the year-ago period, while analysts expected $5.55 billion.
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