IBM Stock Jumps On Q1 Profit Beat, Solid Cloud, Outlook Consulting

International Business Machines (IBM) – Get International Business Machines Corporation Report shares moved higher Wednesday after the cloud-computing focused tech giant posted stronger-than-expected first quarter earnings linked to robust demand from global businesses ramping-up IT spending for the coming year.

IBM said revenues for the three months ending March fell 20% from last year to $ 14.2 billion, but topped the Street consensus forecast of $ 13.85 billion, thanks to double-digit gains for its software and consulting segments. Adjusted earnings of $ 1.40 per share, a 24.4% increase from last year, also beat Street forecasts by around 2 cents.

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