IBM’s third-quarter earnings edged Wall Street estimates, and its CEO says the company’s push into artificial intelligence is starting to pay off.
For the quarter, the enterprise technology giant posted revenue of $14.75 billion, up 4.6% from a year ago, and slightly ahead of the Wall Street consensus forecast at $14.73 billion. IBM reported adjusted earnings of $2.20 a share, 8 cents ahead of the Street consensus at $2.12, as measured by FactSet. Under generally accepted accounting principles, the company earned $1.86 a share.
“We took our eye off the ball a little bit,” he said. “There’s no fundamental issue, but it was a little bit of an execution miss.” IBM generated $1.7 billion in free cash flow in the third quarter, up nearly $1 billion from the year-ago period. IBM continues to forecast full-year free cash flow of about $10.5 billion, up more than $1 billion from the previous year.
Non-GAAP operating margin was 15.6%, falling a little short of consensus at 16.6%, but nonetheless 1.7 percentage points higher than the year earlier period. Non-GAAP gross margin was 55.5%, up 1.6 percentage points from the year-earlier quarter.
South Africa South Africa Latest News, South Africa South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trading Earnings Season: 3 Steps for Using Earnings ReportsLearn how to trade earnings season, with tips on choosing companies and researching market conditions to establishing a strategy.
Source: DailyFX - 🏆 305. / 63 Read more »
Source: nbcchicago - 🏆 545. / 51 Read more »
Source: ForbesTech - 🏆 318. / 59 Read more »