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IBM stock pops higher as earnings beat expectations but sales decline yet again

July 21, 2020

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International Business Machines Corp. shares gained in after-hours trading Monday, after the tech giant reported another decline in revenue but produced more profit and sales than Wall Street expected amid the COVID-19 pandemic.

IBM IBM, +1.00% reported second-quarter net income of $1.36 billion, or $1.52 a share, compared with $2.5 billion, or $2.81 a share, in the year-ago period. Adjusted earnings were $2.18 a share, compared with $3.17 a share a year ago. Revenue declined to $18.12 billion from $19.16 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast adjusted earnings of $2.09 a share on revenue of $17.73 billion on average.

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