Fairview HK: IBM Q1 Results Beat Bottom Line but Miss Revenue

International Business Machines Corporation (IBM) posted first-quarter profits that exceeded expectations but fell somewhat short on sales. The shares of IBM rose in response to the announcement.
CENTRAL, Hong Kong - May 25, 2023 - PRLog -- The business posted adjusted profits of $1.36 per share on $14.3 billion in sales. Meanwhile, experts predicted that IBM would announce adjusted profits per share of $1.26 on sales of $14.35 billion.

During afterhours trading on the stock market today, IBM shares rose 2.9% to 130.02.

According to IBM, total sales increased 4.4% in the first quarter at a constant currency rate.

"In the quarter, we remained centered around the fundamentals of our business, improving efficiency and generating operating leverage," said IBM senior vice president and chief financial officer James Kavanaugh in a press statement. "We have the opportunity to continue investing for growth and returning value to investors through dividends."

IBM is a dominant source of information technology consulting, mainframes and software applications despite years of severe reorganization. However, the firm has expanded its offerings to include artificial intelligence, data analytics and most recently cloud computing services.

"IBM's growth prospects are more appealing to investors, resulting in a higher stock price," wrote the stock analyst Logan Purk from Edward Jones in a note to clients.

Fairview HK Limited is one of the foremost privately owned Asia-Pacific orientated, boutique wealth management firms in Hong Kong. We offer our services to a selected group of families, family offices, institutions and fund managers, you may visit our website https://fairviewhk.com/ or contact us via email.

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