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20 October 2022 | Other

IBM expects strong full-year earnings

International Business Machines

IBM Corp's quarterly earnings results on Wednesday beat expectations, and company officials said they expect to beat full-year revenue growth targets as strong demand for the company's digital services helps offset the effects of a stronger dollar.

The software and IT services company focused on the so-called "hybrid cloud" after exiting its old managed IT infrastructure business and posted double-digit growth in all trading segments and regions in the third quarter at constant exchange rates.

IBM's earnings per share were $1.81, thereby beating estimates of $1.77.

Futurum Research analyst Daniel Newman believes IBM's earnings indicate that for technology companies specializing in the corporate sector, the effects of the recession may be more of a delayed nature.

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