IBM's Stock Got a Big, Blue Bruise Today [Yahoo! Finance]
International Business Machines Corporation (IBM)
Last international business machines corporation earnings: 4/20 04:08 pm
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Source: Yahoo! Finance
The results were solid enough, but IBM investors wanted a stronger artificial intelligence (AI) push. As a result, IBM shares traded 9.6% lower at noon ET. IBM's busy day Let's start with the earnings report. First-quarter sales rose 1.5% year over year, landing at $14.5 billion. That's a rounding error away from the consensus analyst projection of $14.6 billion. On the bottom line, adjusted earnings increased by 24% to $1.68 per diluted share. Here, your average analyst would have settled for $1.60 per share. All in all, that's a solid print. Management doubled down on the full-year financial forecast it provided three months ago. As a reminder, that means single-digit revenue growth with free cash flow of roughly $12 billion in 2024 as a whole. Meanwhile, IBM is buying HashiCorp for $35 per share, an all-cash deal with an enterprise value of $6.4 billion. HashiCorp specializes in monitoring and automation of cloud computing operations across multiple cloud platforms. Expecte
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- 4/24/24 - Beat
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- 4/25/24 - Form 8-K
- IBM's page on the SEC website