IBM earnings: IBM shares down 3% on mixed Q1 earnings

<p>IBM (NYSE: IBM) earnings for the first quarter of 2020 have IBM shares down after hours Monday. This follows the reported adjusted earnings per share (EPS) of $ 1.84, which is above the Wall Street estimate of $ 1.79. However, the technology company’s revenue of $ 17.57 billion is lower than analysts’ estimates of $ 17.62 billion.

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Here are some additional details from the latest IBM revenue report.

Adjusted earnings per share decreased by 18.22% compared to USD 2.25 during the first quarter of 2019. Revenue was 3.36% lower than USD 18.18 billion reported during the same period last year. Operating profit of $ 1.18 billion is a decrease of 25.79% compared to the same period last year from $ 1.59 billion. IBM’s revenue report also includes a net profit of $ 1.18 billion. It has also decreased 25.79% from the company’s net profit of $ 1.59 billion from the same time last year.

Arvind Krishna, CEO of the company, said this about IBM’s share income report:

“Our first quarter results in cloud are a reflection of the confidence that customers have in IBM’s technology and expertise today and position us to continue building a lasting hybrid cloud platform for the future.”

IBM executives will review the company’s performance report in a conference call today. That call begins at 5:00 p.m. Eastern Time. It will be available on the company’s Investor Relations website via a webcast.

IBM shares fell 3.07% after the markets closed on Monday, but increased slightly when the markets closed.

At the time of writing, William White had no position in any of the above securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/04/ibm-earnings-stock-drops-on-mixed-q1-results/.

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