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IBM shares jump after better-than-expected earnings

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IBM shares jumped about 6% in after-hours trading Monday after a second-quarter earnings report that was not quite as painful as Wall Street had feared, despite disruptions caused by the coronavirus pandemic

New York .

The company reported earnings of $2.18 per share — down 31% from the same period in the prior year — on $18.1 billion in revenue during the three months ended June 30. Wall Street analysts had predicted earnings of $2.07 per share on $17.7 billion in revenue. Cloud computing was a bright spot for IBM . Sales from its cloud and cognitive software division rose 3% from the year-ago quarter to $5.7 billion, led by a nearly 30% jump in cloud and data platforms revenue.

 

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IBM earnings beat estimates on cloud strength; shares up 6%International Business Machines Corp posted second-quarter revenue and profit that beat analysts' estimates on Monday, riding on the strength of its high-margin cloud computing business, sending its shares up 6%. 😮 Who wudda thunk IBM....IBM.... Impervious to a nasty Virus....?
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