Live! IBM Reports Earnings And It's A Beat
AP Photo/Manu Fernandez
IBM reported earnings per share of $4.32 and revenue of $24.36 billion.
Wall Street analysts expected $4.29 cents earnings per share on $24.12 billion in revenue. (The expectations for revenue were modest, a 3% decline).
The expectations for profits were significantly higher as IBM marches toward its promised $20 EPS by 2015. IBM reported $3.22 EPS in the year ago quarter.
This is an important beat for IBM. Revenues at IBM have been shrinking for a while and it's been struggling to hit Wall Street's revenue expectations for more than a year now. During fiscal 2013 it missed expectations four times in a row. It also missed on revenue for its first quarter 2014.
In May, CEO Ginni Rometty said that growing revenue was "not the No. 1 priority on my list." Instead, she's trimming the company's least profitable business units (commodity hardware) and shifting resources to new, growing and more profitable areas (namely cloud computing). She's laying off thousands of workers in the process and hiring thousands of others with new skill sets.
"We don't want empty calories," Rometty told the New York Times. "So when people keep pushing us for growth, that is not the number one priority on my list."
More to come.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema
- Reliance gets thumbs-up from S&P, Fitch as strong earnings keep leverage in check
- Realme C65 5G with 5,000mAh battery, 120Hz display launched starting at ₹10,499
- 8 Fun things to do in Kasol
- SC rejects pleas seeking cross-verification of votes cast using EVMs with VVPAT
- Ultraviolette F77 Mach 2 electric sports bike launched in India starting at ₹2.99 lakh
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market