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IBM Q1 2024 earnings results beat EPS expectations on in-line revenue

The IBM company put up a stronger-than-expected earnings-per-share metric while its revenue was right in line with Wall Street estimates.

TJ Denzer

April 24, 2024 3:42 PM

Image via Zahner

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With the latest season of earnings results in full swing, IBM was up to report on its recent fiscal quarter. The company’s Q1 2024 earnings showed decent results where revenue was almost dead-on in-line with analyst expectations. However, its earnings-per-share (EPS) were notably above expectations, beating out both Wall Street analyst and Earnings Whisper estimates.

IBM released its Q1 2024 earnings results on its investor relations website this week. The company reported a bottom line revenue of $14.5 billion. That was directly in-line with Wall Street estimates. Meanwhile, its EPS for Q1 ended up finishing at $1.72 per share. That was higher than Wall Street estimates that called for $1.60 per share, and even Earnings Whisper estimates that were set at $1.64 per share.

IBM also revealed in its Q1 2024 earnings results that it had acquired cloud-computing infrastructure company Hashicorp for $6.4 billion. This may have been cause for alarm among investors as the share price dipped in after-hours trading on an otherwise successful quarter. IBM has continued to remain profitable quarter-to-quarter, putting up wins in revenue in EPS in Q4 2023 and Q3 2023. It has also moved to integrate AI into its business, pausing hiring as it seeks to replace thousands of jobs with artificial intelligence technology.

Nonetheless, IBM is still performing above what’s expected of it for the time being. As more companies continue to report their latest quarterly fiscal results, stay tuned for more earnings reporting here at Shacknews.

TJ Denzer

Senior News Editor

TJ Denzer is a player and writer with a passion for games that has dominated a lifetime. He found his way to the Shacknews roster in late 2019 and has worked his way to Senior News Editor since. Between news coverage, he also aides notably in livestream projects like the indie game-focused Indie-licious, the Shacknews Stimulus Games, and the Shacknews Dump. You can reach him at tj.denzer@shacknews.com and also find him on Twitter @JohnnyChugs.