IBM stock rallies on third-quarter results, upbeat forecast
prolonged trading. Wednesday, after the computer software, consulting, and infrastructure behemoth exceeded third-quarter estimates and raised its full-year sales target.
IBM announced profits as Wall Street assesses the effect of a challenging foreign-exchange market and company expenditure on digital services amid economic uncertainty.
However, hybrid cloud services, Red Hat, consultancy, and zSystems servers and software showed growth.
“Globally, customers perceive technology as a chance to improve their company, which is reflected in the outcomes throughout our portfolio,”.
FactSet analysts predicted $1.79 adjusted EPS on $13.517 billion in sales.
Software sales rose 7.5%. Consulting sales climbed 5.4% and infrastructure revenue 14.8%.
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