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International Business Machines Corp (NYSE:IBM) shares are trading higher in Tuesday's after-hours session after the company announced better-than-expected financial results.
IBM said first-quarter revenue increased 8% year-over-year to $14.2 billion, which beat the $13.85 billion estimate. The company reported quarterly earnings of $1.40 per share, which beat the estimate of $1.36 per share, according to data from Benzinga Pro
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IBM said it ended the first quarter with $10.8 billion of cash on hand, up $3.2 billion from the end of 2021.
IBM expects full-year 2022 constant currency revenue to grow at the high end of the mid-single digit range. The company continues to expect $10 billion to $10.5 billion in full-year 2022 free cash flow.
IBM 52-Week Range: $114.56 - $152.84
The stock was up 1.61% in after hours at $131.40 at press time.
Photo: courtesy of IBM.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.