Tech giant IBM Corp. (NYSE: IBM) on Monday said its fourth-quarter revenues and profit increased as demand conditions improved. The results also surpassed experts’ predictions.
An impressive performance by the main business segments had a positive effect on the top-line and the company’s revenues increased 6.5% to $16.7 billion in the fourth quarter, which was above the consensus forecast.
Consequently, fourth-quarter adjusted earnings from continuing operations moved up to $3.35 per share from $1.88 per share in the same period of fiscal 2020, and topped the estimates. Net profit was $2.33 billion or $2.57 per share, up from last year’s income of $1.36 billion or $1.51 per share.
Shares of IBM closed Monday’s trading lower but gained momentum soon after the earnings report and rose about 5% in the extended session.
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