Shares of IBM (NYSE: IBM) saw little change in after-hours trading after the company reported earnings for its second quarter of Fiscal Year 2023. Earnings per share came in at $2.18, which beat analysts’ consensus estimate of $2.01 per share.
However, sales decreased by 0.3% year-over-year, with revenue hitting $15.5 billion. This missed analysts’ expectations by $70 million.
Looking forward, management now expects revenue growth and free cash flow for Fiscal Year 2023 to be 3%-5% and $10.5 billion, respectively.
Overall, Wall Street has a consensus price target of $146.90 on IBM stock, implying 8.43% upside potential, as indicated by the graphic above.
