Why IBM Stock Is Gaining Today Despite a Big Sell-Off for Tech Stocks
International Business Machines (NYSE: IBM) stock is gaining Thursday despite the broader tech sector seeing substantial sell-offs. The company's share price was up 3.9% as of 1:15 p.m. ET, according to data from S&P Global Market Intelligence. Meanwhile, the Nasdaq Composite index was down roughly 1.8%.
On Wednesday, IBM reported its third-quarter financial results. The company posted non-GAAP (adjusted) earnings per share of $2.20 on sales of $14.8 billion. Meanwhile, the average analyst estimate had called for per-share earnings of $2.13 on revenue of roughly $14.7 billion. In addition to the Q3 beat, the tech giant also announced a new generative artificial intelligence (AI) tool for coding.
IBM's revenue rose 5% year over year in Q3. Software sales were up 8%, and consulting revenue was up 6%. On the other hand, infrastructure revenue was down 2%.
Source Fool.com
International Business Machines Corp Stock
We see a rather positive sentiment for International Business Machines Corp with 12 Buy predictions and 1 Sell predictions.
With a target price of 169 € there is a slightly positive potential of 6.91% for International Business Machines Corp compared to the current price of 158.08 €.
