International Business Machines Corp (NYSE:IBM) shares are trading higher in Tuesday's after-hours session after the company announced better-than-expected financial results.
IBM said first-quarter revenue increased 8% year-over-year to $14.2 billion, which beat the $13.85 billion estimate. The company reported quarterly earnings of $1.40 per share, which beat the estimate of $1.36 per share, according to data from Benzinga Pro
IBM said it ended the first quarter with $10.8 billion of cash on hand, up $3.2 billion from the end of 2021.
IBM expects full-year 2022 constant currency revenue to grow at the high end of the mid-single digit range. The company continues to expect $10 billion to $10.5 billion in full-year 2022 free cash flow.
IBM 52-Week Range: $114.56 - $152.84
The stock was up 1.61% in after hours at $131.40 at press time.
Photo: courtesy of IBM.
