IBM Corp. (IBM) reported better-than-estimated profit in the second quarter driven by sales of its cloud computing business sending shares up almost 5% in extended market trading on Monday.The stock surged to $132.25 in Monday’s after-market trading. IBM’s total revenue in the second quarter dropped 5.4% to $18.12 billion year-on-year, coming in above analysts’ estimates of $17.72 billion. Adjusting for the impact from currency and divested businesses, revenue slipped 1.9%. Meanwhile total cloud revenue surged 30% to $6.3 billion in the reported quarter.Excluding items, the company earned $2.18 per share, exceeding analysts’ expectations for $2.07 per share. IBM’s focus of …read more
Source:: Yahoo Finance
