IBM Beats Quarterly Profit Estimates, Suspends 2020 Guidance [Yahoo! Finance News]
International Business Machines Corporation (IBM)
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Source: Yahoo! Finance News
IBM Corp reported a better-than-estimated profit in the first quarter driven by sales of its cloud computing business. However revenue came in slightly below forecast as the company withdrew its 2020 guidance.In the first three months of the year, net income declined to $1.18 billion, or $1.31 per share, from $1.59 billion, or $1.78 per share, in the year-ago period. Adjusted EPS amounted to $1.84 per share, above the $1.80 per share estimates. Total revenue declined 3.4% to $17.57 billion during the same period, coming slightly below analysts’ estimates of $17.62 billion.IBM said its key areas of investment will continue to be hybrid cloud and AI as clients modernize their businesses and need to enhance their work-at-home capabilities in today’s COVID-19 environment. Business revenue generated from its cloud business rose 19% to $5.4 billion in the first quarter.“IBM remains focused on helping our clients adapt to the immediate challenges of the COVID-19 pandemic, while we continue t
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