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IBM Earnings, Revenue Beat in Q4 -Breaking

by Mike Robinson

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© Reuters IBM Earnings, Revenue Beat in Q4

Investing.com – IBM (NYSE: ) On Monday, the fourth quarter ended with revenue surpassing expectations. Analysts’ estimates were beaten by this report.

IBM posted earnings per share (EPS) of $3.35 on $16.7 billion in revenue. Investing.com polled analysts and predicted EPS at $3.30 for revenue $16.09 billion.

The fourth quarter hybrid cloud revenue of IBM was $6.2B, an increase of 16%. It reached $20.2B for the entire year, which is up 20%. Cloud adoption has seen a rapid increase worldwide, and IBM focuses on a hybrid cloud which is a combination of an on-premises data center and a public cloud to store data.

The company’s consulting business revenue rose 13.1% to $4.75 billion. The overall revenue increased by 6.5%.

Following the publication, IBM shares rose 6.99% in trading after hours.

Arvind Kumar, IBM’s CEO and chairman said that hybrid cloud adoption drove growth in consulting and software in the fourth quarter.

We are confident in our ability achieve our goals of strong revenue growth in the mid-single-digits and free cash flow for 2022, thanks to our fourth quarter results.”

 

 

 

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