IBM (NYSE:IBM) on Tuesday announced fourth-quarter {{erl-8082||earnings } that beat analysts' expectations on both the top and bottom lines, driven by growth in its cloud and software business following a boost from the acquisition of Red Hat.
The company reported earnings per share of $4.71 on revenue of $21.78B. Analysts polled by forecast EPS of $4.69 on revenue of $21.64B. That was in comparison with EPS of $4.87 on revenue of $21.76B in the same quarter a year before. IBM (NYSE:IBM) had announced EPS of $2.68 on revenue of $18.03B in the prior quarter.
Cloud and cognitive software revenue, which includes Red Hat, rose 8.7% to $7.2 billion. Revenue from Red Hat, which IBM acquired last year for $34 billion, was up 24% in the quarter.
Analysts are expecting EPS of $2.16 and revenue of $18.49B in the upcoming quarter.
IBM stock's are up 3.77% so far this year , still down 9.06% from its 52 week high of $152.95 set on August 2, 2019.
IBM follows other major Technology sector earnings this month
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