Tech giant IBM Corp. (NYSE: IBM) on Monday said its second-quarter revenues and profit increased as demand conditions improved. The results also surpassed experts’ predictions.
An improvement in the performance of the main business segments had a positive effect on the top-line and the company’s revenues increased 3% to $18.75 billion in the second quarter, which was slightly above the consensus forecast.
Consequently, adjusted earnings moved up to $2.33 per share in the June quarter from $2.18 per share in the same period of fiscal 2020, and topped the estimates. Net profit was $1.32 billion or $1.47 per share, down from last year’s income of $1.36 billion or $1.52 per share.
Shares of IBM closed Monday’s trading lower but gained momentum soon after the earnings report and rose about 2% in the extended session.
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