IBM Reports Q1 EPS Beat, Shares Up 2%
IBM (NYSE: IBM) shares were trading around 2% higher after-hours following the company’s reported Q1 results, with EPS of $1.40 coming in slightly better than the consensus estimate of $1.38. Revenue grew 8% year-over-year to $14.2 billion, compared to the consensus estimate of $13.85 billion.
Revenues for Software and Consulting segments were $5.8 billion (up 12.3%, and 15.4% at constant currency basis) and $4.8 billion (up 13.3%, and up 17.4% at constant currency basis), respectively. Infrastructure segment revenue was $3.2 billion (down 2.3%, and up 0.3% at constant currency basis). Financing segment revenue was $0.2 billion (down 26.2%, and down 24.5% at constant currency basis).
According to Arvind Krishna, chairman and CEO of IBM, the company is off to a solid start for 2022 and expects revenue growth for the year at the high end of its model.
By Davit Kirakosyan