After the technology conglomerate outperformed analysts’ expectations for the third quarter and raised its growth projection for the entire year, IBM shares increased by 6% in extended trading on Wednesday.
Earnings have been $1.81 per share, compared to analysts’ expectations of $1.77 per share, according to Refinitiv. Refinitiv reports that revenue was $14.11 billion as opposed to the analysts’ prediction of $13.51 billion.
According to a statement, revenue increased by 6.5% from the previous year. According to the business, currency exchange rates should cause a 7% annual revenue decrease. IBM reiterated its forecast for the free cash flow of roughly $10 billion from July.
Infrastructure generated $3.35 billion, up 14.8% from the StreetAccount consensus of $3.06 billion. The z Systems line of mainframe computers from IBM saw an 88% increase in revenue. In the second quarter, the z16 mainframe computer started to be sold.