LONDON (ShareCast) - (Sharecast News) - International Business Machines issued its third-quarter results on Wednesday, announcing its best year-on-year gross margin performance in three years, which the board said reflected the higher value business it was attracting.
The US-based technology giant said its GAAP earnings per share from continuing operations was $2.94 for the period, rising 1% over last year, while its operating non-GAAP earnings per share were 5% higher at $3.42.

Revenue fell 2% to $18.8bn when adjusted for currency.

IBM reported strategic imperatives revenue of $39.5bn over last 12 months, ahead 13 percent, or 11% on a currency-adjusted basis.

Cloud revenue totalled $19bn over the last 12 months, up 20%, or 18% adjusted for currency.

The company's as-a-service annual exit run rate for cloud revenue was $11.4bn in the quarter, up 21% year-on-year or 24% at constant currency.

It reported "strong" services gross profit margin expansion over last year, and maintained its full-year operating non-GAAP earnings per share and free cash flow expectations.

"IBM's progress and momentum this year in the emerging, high-value segments of the IT industry are driven by our innovative technology, deep industry expertise and commitment to trust and security," said IBM chairman, president and chief executive officer Ginni Rometty.

"Our leadership in the technology and services that deliver hybrid cloud, AI, blockchain, analytics and security has helped drive our overall performance, and is helping our clients unleash the full business value of these innovations."

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