International Business Machines Corporation (NYSE: IBM) said its first-quarter 2022 revenues increased 8%. The results also surpassed experts’ predictions, driving the tech giant’s stock higher on Tuesday evening.
The impressive performance of the company’s key business segments had a positive effect on the top line and revenues increased 8% year-over-year to $14.2 billion in the first quarter. The latest number also exceeded the consensus forecast.
First-quarter adjusted earnings from continuing operations came in at $1.40 per share and topped the estimates. Unadjusted net profit was $733 million or $0.81 per share, compared to last year’s income of $955 million or $1.06 per share.
Check this space to read management/analysts’ comments on IBM’s Q1 2022 earnings
Shares of IBM closed Tuesday’s trading higher and gained further soon after the earnings report. They rose 3.5% in the extended session.