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MarketScreener Homepage  >  Equities  >  Nyse  >  International Business Machines Corporation    IBM

INTERNATIONAL BUSINESS MACHINES CORPORATION

(IBM)
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International Business Machines : IBM 3Q Revenue Falls 2.6% Amid Pandemic

10/19/2020 | 04:39pm EST

By Maria Armental

International Business Machines Corp. reported a 2.6% sales decline in the latest quarter as corporate customers put off projects and focused on cash preservation during the coronavirus pandemic.

Third-quarter profit edged up to $1.7 billion, or $1.89 a share, from $1.67 billion, or $1.87 a share. On an adjusted basis, profit was $2.58 a share.

The company, which this month laid out plans for what would be its largest business exit by spinning off a major part of its information-technology services operations, reported $17.56 billion in sales for the September quarter.

The results were roughly in line with IBM's preliminary figures, released this month when it disclosed the spinoff plans.

Analysts surveyed by FactSet expected a profit of $2.08 a share, or $2.58 a share as adjusted, on $17.54 billion in revenue.

A information technology pioneer, IBM had fallen behind the likes of Amazon.com Inc. and Microsoft Corp.

As part of the latest push to revamp business, IBM plans to separate the unit that manages clients' IT infrastructure, a business that accounts for nearly a quarter of IBM's sales but that has been shrinking as customers embrace cloud computing.

At the same time, IBM has been trying to capitalize on what it calls the hybrid cloud, which companies use to manage software and other systems across different cloud services and their own data centers.

Cloud revenue has proven to be a bright spot, with a 19% increase in the latest period.

The company, which in April withdrew financial projections citing uncertainty about the pandemic's business impact, didn't address financial projections in an earnings press release.

"The strong performance of our cloud business, led by Red Hat, underscores the growing client adoption of our open hybrid cloud platform," Chief Executive Arvind Krishna said in a statement. "Separating the managed infrastructure services business creates a market-leading standalone company and further sharpens our focus on IBM's open hybrid cloud platform and AI capabilities."

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

10-19-20 1638ET

Stocks mentioned in the article
ChangeLast1st jan.
INTERNATIONAL BUSINESS MACHINES CORPORATION -0.29% 123.16 Delayed Quote.-7.85%
MICROSOFT CORPORATION 1.00% 216.21 Delayed Quote.36.48%
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Financials (USD)
Sales 2020 73 927 M - -
Net income 2020 5 417 M - -
Net Debt 2020 50 627 M - -
P/E ratio 2020 20,4x
Yield 2020 5,27%
Capitalization 110 B 110 B -
EV / Sales 2020 2,17x
EV / Sales 2021 2,11x
Nbr of Employees 352 600
Free-Float 39,7%
Chart INTERNATIONAL BUSINESS MACHINES CORPORATION
Duration : Period :
International Business Machines Corporation Technical Analysis Chart | IBM | US4592001014 | MarketScreener
Technical analysis trends INTERNATIONAL BUSINESS MACHINES CORPORATION
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 16
Average target price 137,50 $
Last Close Price 123,16 $
Spread / Highest target 29,9%
Spread / Average Target 11,6%
Spread / Lowest Target -5,00%
EPS Revisions
Managers
NameTitle
Arvind Krishna Chief Executive Officer & Director
James M. Whitehurst President, Head-Strategy, Cloud & Cognitive
Virginia M. Rometty Executive Chairman
James J. Kavanaugh Chief Financial Officer & Senior Vice President
Juan Antonio Zufiria Senior VP-IBM Global Technology Services
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