IBM benefitted from new and old businesses in the third quarter, as its cloud computing offerings as well as sales of mainframe computers helped the company beat Wall Street revenue targets.
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IBM's cloud business helped it top Wall Street revenue targets (IBM)
Things are looking good in after hours trading at the tech giant following a quarter that we less disappointing than analysts expected.
Shares of IBM were up nearly 4% in after hours trading on Tuesday, following the earnings release.
Even so, IBM failed to put an end to its 22-quarter revenue decline.
Here's what the company reported:
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- Revenues (GAAP)
- Earnings per share (non-GAAP)
- Projected earnings for fiscal 2017 (non-GAAP)
Despite the decline, IBM appears to be growing where it counts.
Cloud services — one of the company's key areas of focus — saw revenues of $4.1 billion for the quarter, up 20% from the third quarter last year. Last quarter, cloud revenues were at $3.9 billion, up 15% from the second quarter last year.
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