International Business Machines Corporation (NYSE:IBM) shares are moving higher on Thursday after the company reported strong second quarter earnings.
What To Know: IBM reported 2024 fiscal year second quarter results after the market closed on Wednesday.
The company reported adjusted EPS at $2.43 beating analysts estimate of $2.19. In addition, IBM reported sales of $15.80 billion beating analyst estimates of $15.61 billion. The reported revenue represents a 2% increase from the same period last year.
IBM further broke down its revenue for the second quarter. The company reported revenue from software at $6.7 billion, revenue from consulting at $5.2 billion, revenue from infrastructure at $3.6 billion and revenue from financing at $0.2 billion.
"In the quarter, we accelerated our revenue growth as we continue to execute well on our strategy. Our business fundamentals, operating leverage, product mix and productivity initiatives all contributed to significant margin expansion and increased profit and free cash flow," said James Kavanaugh, IBM senior vice president and chief financial officer.
"Our strong cash generation enables us to continue investing in innovation and expertise across the portfolio, while returning value to shareholders through dividends."
The company's stock is trading far above it's moving average of $173.53 at $190.55.
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IBM Price Action: At the time of writing, IBM stock is trading 3.02% higher at $189.57 per data from Benzinga Pro.
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