IBM has reported stronger-than-expected Q1 earnings, seeing a 26% net income increase.
The company's profit grew 4%, reaching $6.45B.
- The company's rise in profit was attributed to cost reductions in research, development, and engineering.
- Its revenue stands at $14.25B, slightly missing estimates of $14.35B.
- The company's software segment division increased by about 3%, reaching $5.92B.
- Net income rose 26% to $927M, or $1.02 a share.
- IBM's consulting unit had $4.96B in revenue, up almost 3% compared to the year-earlier period.
- The
company's CEO stated that its consulting clients are delaying contracts
rather than canceling them, claiming that companies are prioritizing
cutting their costs at the moment.
