IBM Beats Earnings in Q1 After Returning to Growth; Shares Jump

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Investing.com – IBM reported on Monday first quarter earnings that beat analysts’ forecasts as the company returned to revenue growth underpinned by strong performance in cloud.  

International Business Machines (NYSE:IBM) shares gained 4% in after-hours trade following the report.

IBM announced earnings per share of $1.77 on revenue of $17.7 billion. Analysts polled by Investing.com anticipated EPS of $1.68 on revenue of $17.33 billion.

Cloud revenue rose 21% to $6.5 billion. 

Cloud & cognitive software revenues rose 4%, with cloud & data platforms up 13%, led by by the company’s hybrid cloud platform and cloud pak growth.

Red Hat revenue rose 17%.

Global business services revenue gained 2%, the global technology services revenue slid 1.5%, while systems revenue climbed 4.3%.

For 2021, the company said it expects revenue growth and adjusted free cash flow of $11 billion to $12 billion in 2021.

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