IBM posted adjusted earnings of $3.35 per share for the fourth quarter, beating the $3.30 per share expected by analysts polled by Refinitiv.
The tech/cloud company’s revenue came in at $16.70 billion also surpassed analysts’ expectations of $15.96 billion.
IBM streamlined its reporting segments for the fourth quarter amid its spin-off of infrastructure services business Kyndryl. Revenue from its software business, formerly known as Cloud and Cognitive Software, came in at $7.27 billion in revenue, up 8% year-over-year and above the $6.72 billion consensus among analysts polled by StreetAccount.
Revenue in the consulting unit, previously named Global Business Services, climbed +13% from the year-ago quarter to $4.75 billion, exceeding the $4.20 billion StreetAccount consensus.
The IBM infrastructure business revenue fell -0.3% to $4.41 billion and a bit lower than the $4.43 billion consensus.