IBM exceeds revenue estimates, though sales are about the same as a year earlier

Key Points

• IBM managed to avoid posting a revenue decline.
• The conglomerate acquired another consulting company in the fourth quarter.

In this article

• IBM

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IBM CEO Arvind Krishna speaks at a panel session at the World Economic Forum in Davos, Switzerland, on Jan. 17, 2023.

Stefan Wermuth | Bloomberg | Getty Images

IBM shares edged higher in extended trading on Wednesday after the technology conglomerate reported revenue that topped analysts' estimates.

Here's how the company did:

• Earnings: $3.60 per share, adjusted, vs. $3.60 per share as expected by analysts, according to Refinitiv.
• Revenue: $16.69 billion, vs. $16.4 billion as expected by analysts, according to Refinitiv.

Analysts had expected IBM's total revenue to decline for the first time in two years, but it ended up being flat, according to a statement. Net income rose 16% to $2.71 billion.