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4/19, 10:10 PM (Source: TeleTrader)
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IBM: Q1 revenue $14.2 billion, up 8% YoY

International Business Machines Corporation revealed on Tuesday that its revenue went up 8% year on year to $14.2 billion in the first quarter of fiscal 2022.

Diluted earnings per share were $0.73 in the opening trimester, 62% higher than in the same period in 2021 and gross profit and net income jumped 4% and 64%, respectively to $7.3 billion and $700 million.

"Demand for hybrid cloud and AI drove growth in both Software and Consulting in the first quarter... We are off to a solid start for the year, and we now see revenue growth for 2022 at the high end of our model," IBM Chairman and CEO Arvind Krishna said in a statement.

Company shares grew 3.47% in late trading after the release of quarterly figures.

Baha Breaking News (BBN) / MS