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UMD Economist Peter Morici and Bahnsen Grop Managing Director David Bahsen discuss reopening stocks on ‘Kudlow’
International Business Machines Corp. (IBM) reported second-quarter profit of $ 1.33 billion on Monday.
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On a per share basis, the Armonk, New York-based company said it had net earnings of $ 1.47. Earnings, adjusted for one-time costs and costs related to mergers and acquisitions, were $ 2.33 per share.
The results exceeded Wall Street’s expectations. The average estimate of six analysts polled by Zacks Investment Research was of $ 2.25 per share.
The technology and consultancy firm reported $ 18.75 billion in revenue during the period, also beating Street’s forecast. Four analysts polled by Zacks expected $ 18.24 billion.
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IBM stock has risen nearly 10% year-to-date, while the S&P 500 index has climbed 13%. In the closing minutes of trading on Monday, shares hit $ 137.97, up 10% over the past 12 months.
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