Why IBM Stock Was Up 14% Today
International Business Machines (NYSE: IBM) stock soared 13.6% through 11:10 a.m. Thursday morning after the tech giant beat on both sales and earnings last night.
Analysts had forecast IBM would earn $3.78 per share, adjusted for one-time items, on $17.54 billion in sales for its fiscal fourth quarter of 2024. Instead, IBM reported a $3.92 per share adjusted profit. Its sales were $17.56 billion.
Not all of IBM's news was great. Sales for the quarter grew a bare 1%, and sales for the full fiscal year were up only 1.5%. Earnings for the quarter, while better than expected, still declined 13% year over year, as calculated according to generally accepted accounting principles (GAAP), to just $3.09 per share. GAAP earnings for the year suffered worse, down 21% to $6.43 per share.
Source Fool.com
International Business Machines Corp Stock
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