IBM Corp beat Wall Street expectations for first-quarter profit on Wednesday and signaled demand for IT services was better than feared, sending shares up 3.5% after the bell.
The International Business Machines Corporation logo is displayed, during the GSMA's 2023 Mobile World Congress in Barcelona, Spain March 1, 2023. REUTERS/Nacho Docebeat Wall Street expectations for first-quarter profit on Wednesday and signaled demand for IT services was better than feared, sending shares up 3.5% after the bell.
"Investors blew a sigh of relief that IBM's quarterly update was better than feared," said Jesse Cohen, senior analyst at Investing.com. IBM Chief Executive Officer Arvind Krishna said clients were prioritizing digital transformation projects that focus on "cost takeout, productivity and quick returns", mirroring comments byAs a result, IBM cut its full-year consulting revenue growth forecast to 6%-8% from earlier expectations of high single-digit percentage growth.
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