4/20, 10:10 PM (Source: TeleTrader)
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Chart for: International Business Machines Corporation

IBM EPS drops 26% YoY to $1.31 in Q1

IBM said on Monday that it's earnings per share (EPS) fell 26% year-on-year to $1.31 in the first three months of 2020. The company posted net income of $1.17 billion, as the figure declined 35% from the same period a year ago. Meanwhile, revenue came in at $17.6 billion, falling 3.2% compared to the firs quarter of 2019. However, the company's cloud revenue surged 19% year-on-year to $5.4 billion.

Newly appointed IBM CEO Arvind Krishna stated: "IBM remains focused on helping our clients adapt to the immediate challenges of the COVID-19 pandemic, while we continue to enable them to shift their mission-critical workloads to hybrid cloud and expand their use of AI to help transform their operations."

IBM stock declined 1.14% in afterhous trade.

Breaking the News / VP