S&P 500 (NYSE:SPY) component International Business Machines Corporation (NYSE:IBM) reported its results for the first quarter. International Business Machines Corp. creates integrated solutions that leverage information technology and a deep knowledge of business processes for clients.
International Business Machines Earnings Cheat Sheet for the First Quarter
Results: Net income for International Business Machines Corporation rose to $2.86 billion ($2.31/share) vs. $2.6 billion $1.97/share) YoY. A rise of 10.1% from the year earlier quarter.
Revenue: Rose 10.3% to $24.61 billion YoY.
Actual vs. Wall St. Expectations: IBM (NYSE:IBM) fell short of the mean analyst estimate of a loss of $2.30/share. Estimates ranged from $2.19 per share to $2.37 per share.
Quoting Management: “We delivered a strong first quarter with revenue growth across hardware, software and services and with more than 40 countries growing in double digits. We continued to see excellent momentum in our growth initiatives – smarter planet, cloud, business analytics, and growth markets – which bring together the full value of the IBM portfolio,” said Samuel J. Palmisano, IBM chairman, president and chief executive officer. “We achieved broad-based margin improvement, while our cash flow and strong financial position enabled us to continue to return value to our shareholders.
Key Stats: The company has now seen net income rise in three-straight quarters. In the fourth quarter of the last fiscal year, net income rose 9.2% and in the third quarter of the last fiscal year, the figure rose 11.7%.
Competitors to Watch: Accenture plc (NYSE:ACN), Hewlett-Packard Company (NYSE:HPQ), Oracle (NASDAQ:ORCL), Cisco (NASDAQ:CSCO), Intel (NASDAQ:INTC), Dell (NASDAQ:DELL), Apple (NASDAQ:AAPL), SAP (NYSE:SAP), Teradata (NYSE:TDC) and Microsoft Corporation (NASDAQ:MSFT).
Today’s Performance: Shares of IBM (NYSE:IBM) are up over 2% in after hours trading.