IBM (NYSE:) 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. Year-over year, revenue increased 8% to $14.2billion, as compared with the consensus estimate $13.85billion.

Software and Consulting revenue was $5.8billion (up 12.3% and 15.4% on constant currency basis) and $4.8billion (up 13.3% and up 17.4% on constant currency basis), respectively. Revenue from Infrastructure was $3.2 Billion (down 2.3% and up 0.3% on constant currency basis). The Financing segment’s revenue was $0.2 Billion (down 26.2% and down 24.5% on constant currency basis).

Arvind Kumar, IBM’s chairman and CEO, said that IBM is on a good start for 2022. He expects strong revenue growth and that it will continue to grow at the top end of their model.

By Davit Kirakosyan