IBM shares fell slightly on Monday after the company released third quarter results in line with analysts’ expectations
Revenue decreased 25%, down for third consecutive quarter on an annualized basis, according to a statement The downward trend in income under new CEO Arvind Krishna was often present during the tenure of his predecessor, Ginni Rometty The coronavirus pandemic has challenged IBM, among other companies, in part because of exposure to industries such as retail and transportation that the pandemic has disrupted
Krishna announced a major change on October 8, claiming that the managed infrastructure services part of IBM’s Global Technology Services unit would become a stand-alone state-owned company At that time, IBM released preliminary results , claiming he expected $ 2.58 in adjusted earnings per share on $ 17.6 billion in revenue On a conference call with analysts on the day of the announcement, Krishna said IBM hoped to achieve » sustainable single-digit single-digit revenue growth over the medium term »
In the third quarter, IBM’s largest Global Technology Services segment contributed $ 6.46 billion in revenue That’s down 4% year-on-year and higher than FactSet consensus estimate of $ 625 billion
Cloud and cognitive software, which includes Red Hat, ships to $ 5 55 billion in revenue, up 7% and above the consensus FactSet $ 5 48 billion
Global Business Services revenue of $ 397 billion, down 5% and more than the consensus $ 3.90 billion Systems revenue was $ 1.26 billion, down 15% and below $ 1 55 billion consensus
The company’s free cash flow was $ 1.10 billion, below the FactSet consensus of $ 2.26 billion and the lowest since the first quarter of 2001, according to FactSet
IBM withdrew its annual forecast in April The company did not release new guidance in Monday’s income statement
Despite moving after hours on Monday, IBM shares are down 6% since the start of 2020 The S&P 500 index is up around 6% over the same period
Executives to discuss results with analysts on a conference call starting at 5 p.m. Eastern Time
Data is a real-time snapshot * Data is delayed by at least 15 minutes Global business and financial news, stock quotes and market data and analysis
IBM, Cloud computing, revenues, revenues
World news – United States – IBM reports lower revenues for third consecutive quarter
SOURCE: https://www.w24news.com
