April 23, 2021
IBM stock price rose about 4% on trading early this week as the company had its first market-beating earnings report in some time and first quarter of revenue growth in the last four. Earnings came in at $1.77 per share vs the expected $1.63 that markets were predicting. IBM’s Cloud and Cognitive, Global Business Services and Systems divisions all had revenue growth ranging from 2-4%. Client-based business volume bounced back such as retail and consumer products. These were some of the worst suffering areas from the pandemic. Additionally, IBM announced the acquisition of two cloud computing-related companies: Taos and 7Summits.
FINSUM + Magnifi: This is a great sign of the tech sector’s health overall. IBM’s stalling during the pandemic was concerning and this could mean good things for tech stocks in the recovery.
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