IBM beats earnings estimates as its $7.8 billion software empire helps revive growth

IBM exceeded Wall Street’s earnings expectations for the third quarter on Wednesday, October 21, thanks to the company’s $7.8 billion software unit, which saw revenues rise 5 percent to $17.1 billion. Financial analysts had predicted IBM would earn revenues of $16.82 billion and earnings of $2.86 per share. Investors weren’t particularly impressed, though. Shares slipped after trading closed, despite net income jumping to $2.19 billion, or $2.30 per share, from $1.74 billion, or $1.84 per share, a year earlier. Adjusted earnings exclude acquisition-related adjustments. IBM software sales grow 8% as consulting business struggles Software was responsible for doing the most work at IBM. Revenue in this division rose by 8% to exceed Wall Street analysts’ estimate of $7.66 billion.

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