IBM: Revenue Dropped 7.5%, but Company Beats Analysts’ Expectations – Global Markets

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The computer company IBM (NYSE: IBM) announced yesterday after the close of trading on Wall Street, its results for the second quarter of 2020. As part of this, it showed a 7.5% decrease in revenue along with a decrease of about 46% in net profit. However, the company beat analysts’ expectations in the top and bottom line.

The company’s revenues in the first quarter amounted to approximately $ 18.12 billion, a decrease of approximately 7.5% compared to approximately $ 19.16 billion in the corresponding quarter last year. The company beat analysts’ expected revenue of about $ 17.7 billion for the quarter.

Bottom line, the company’s net income was approximately $ 1.36 billion ($ 1.52 per share), a decrease of 45.6% compared to approximately $ 2.5 billion ($ 2.81 per share) in the second quarter of 2019.

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Adjusted earnings (Non GAAP) decreased by 31%, to $ 2.18 per share, compared to $ 3.17 per share in the corresponding quarter last year. The company beat analysts’ expectations for adjusted earnings of $ 2.09 per share.

In April, the company withdrew its forecasts for earnings of at least $ 13.35 per share in the year 2020. The company does not publish a new forecast, according to Arvind Krishna, CEO of the company“We see that the economic recovery is longer and longer than we had hoped for in March.”

“We have a lot of uncertainty about the world economic environment in the world,”

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