By Yasin Ebrahim
Investing.com – IBM (NYSE:) reported on Thursday fourth quarter that beat analysts’ forecasts, but revenue fell short of expectations and declined for the fourth-straight quarter.
IBM shares lost 7% in after-hours trade following the report.
IBM announced earnings per share of $2.07 on revenue of $20.37 billion. Analysts polled by Investing.com anticipated EPS of $1.81 on revenue of $20.64 billion.
Cloud & cognitive software revenues dropped 5%, with cloud & data platforms up 9% led by in a $34 billion deal. Red Hat revenue rose 18%.
Global business services revenue slipped 3%, the global technology services revenue slid 6%, while systems revenue declined 18% to $2.5 billion.
For 2021, the company said it expects revenue growth and adjusted free cash flow of $11 billion to $12 billion in 2021.
IBM’s report follows an earnings beat by Taiwan Semiconductor on January 14, which reported EPS of $0.9851 on revenue of $12.93 billion, compared to forecasts EPS of $0.9362 on revenue of $12.85 billion.
Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com’s earnings calendar
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.