IBM stock jumps on Q1 earnings hit, solid cloud, advisory outlook


International Business Machines (IBM) – Get the International Business Machines Corporation report Shares rose on Wednesday after the cloud-computing-focused tech giant announced stronger-than-expected first-quarter earnings on the back of robust demand from global companies looking to increase IT spending for the year ahead.

IBM said revenue for the three months ended March was down 20% year over year to $14.2 billion but beat the Street Consensus forecast of $13.85 billion on double-digit gains for its software and consulting segments. Adjusted earnings of $1.40 per share, up 24.4% year over year, also beat Street’s forecasts by about 2 cents.

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