![]() Continued labor cost inflation factored into profit for the unit, IBM said. Pre-tax margins in the consulting unit narrowed to 9.8% from 10.5%. Revenue from transaction processing software grew 23%.Ĭonsulting revenue came to $4.70 billion, which was up 5.5% and above the StreetAccount consensus of $4.51 billion. About 8% of software revenue came from a commercial relationship with Kyndryl, said Jim Kavanaugh, IBM's finance chief, on the conference call. That represents growth of nearly 7.5% year over year and exceeds the $5.54 billion consensus estimate among analysts polled by StreetAccount. Revenue from software totaled $5.81 billion. IBM reported an adjusted pre-tax margin of 13.9%, while analysts polled by StreetAccount had been looking for 15.1%. During the third quarter IBM paid a one-time non-cash pension settlement charge tied to the transfer of some pension obligations and assets to third-party insurers. IBM spun off its managed infrastructure services business into Kyndryl in November 2021. The company ended the third quarter with a $3.21 billion loss from continuing operations, compared with income of $1.04 billion in the year-ago quarter.
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