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International Business Machines Up 2.64% To $139.05 After Earnings Beat

Thursday, July 20, 2023 11:20 AM | InvestorsObserver Analysts

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International Business Machines Up 2.64% To $139.05 After Earnings Beat

International Business Machines (IBM) said after close Wednesday that it earned $2.18 per share in quarter two 2023. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.

On the revenue line, the company reported $15.5 billion, missing estimates by $95 million.

In the same quarter a year ago, the company earned $2.31 per share on revenue of $15.5 billion.

The stock is up 2.64% to $139.05 after the report.

The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.

Wall Street Analysts had an average rating of Hold on the stock prior to the report.

InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.

International Business Machines has performed a little above average during the past few months. Before the report, International Business Machines received a Long-Term Technical Rank by InvestorsObserver of 62, putting it in the top half of stocks. The firm set a 52-week high on December 13, 2022 at $153.21 and set a 52-week low on October 13, 2022 at $115.55.

IBM looks to be a part of every aspect of an enterprise's IT needs. The company primarily sells software, IT services, consulting, and hardware. IBM operates in 175 countries and employs approximately 350,000 people. The company has a robust roster of 80,000 business partners to service 5,200 clients--which includes 95% of all Fortune 500. While IBM is a B2B company, IBM's outward impact is substantial. For example, IBM manages 90% of all credit card transactions globally and is responsible for 50% of all wireless connections in the world.

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