Company news: IBM (IBM) posts mixed quarterly results

IBM (IBM) reported Q2 FY2024 earnings of $1.68 per share (versus $1.36 per share in Q2 FY2023), beating analysts’ consensus estimate of $1.60 per share.

The company’s quarterly revenues amounted to $14.462 bln (+1.5% y/y), missing analysts’ consensus estimate of $14.528 bln.

The company reaffirmed it expects the FY2024 constant currency revenue growth rate to be consistent with its mid-single digit model.

Also, IBM announced it intends to acquire HashiCorp (HCP) for $35/share in cash, representing an enterprise value of $6.4 bln.

IBM fell to $167.61 (-8.96%) in pre-market trading.