[ad_1]
Research Triangle Park – IBM (NYSE: IBM ) will report quarterly and annual earnings after the market closes today. The firm has outperformed many other tech companies in 2022 as macroeconomic conditions change and investors become wary of tech stocks. Will it continue?
BM’s stock hit record highs in mid-December, WRAL TechWire previously reported, after one Wall Street analyst suggested the company was bought by Raleigh-based Red Hat.
“More than 4,000 customers are using Red Hat and IBM’s hybrid cloud platform. We look forward to improving the usability of hybrid cloud services based on the architecture developed by IBM and Red Hat with prominent clients including American Express, Bharti Airtel, Vodafone, Banco Sabadell, Broadridge Financial Solutions and Caixa Bank. Red Hat’s expanding Asia Pacific region is expected to bolster IBM’s TAM (total addressable market), Zacks Research wrote in December 2022.
In the year Kyndryl’s run in 2021 contributed to better-than-index performance from EBM in 2022.
IBM stock shines while the rest of Big Tech suffers — here’s why, says top Wall Street firm
Analyst expectations
Still, IBM is expected to report on Wednesday after the market closes. The company’s revenue fell by 2%, according to Visible Alpha, which aggregates analysts’ estimates, as reported by Investopedia.
But a new estimate from Zacks Research expects the company to improve its earnings per share.
“Earnings consensus estimates currently stand at $3.60 per share, up from $3.35 last quarter,” Zacks Research reported Tuesday.
IBM Vice Chairman Gary Cohn, led by Chief Executive Officer Arvind Krishna, will continue Krishna’s plan for revenue growth and free cash flow growth, Yahoo Finance Live reported on Monday.
And SVB MoffettNathanson analyst Lisa Ellis told Yahoo Finance Live on Monday that between the company’s acquisition of Kyndryl and Red Hat’s acquisition, “IBM has become more technology agnostic.”
Ellis says such a move has helped spark the company’s current growth. You know, they’re consistently growing revenues in the low to mid single digits.
[ad_2]
Source link
