REUTERS/Brian Snyder/File photo Acquire Licensing RightsOct 25 (Reuters) - IT software and consultancy services provider IBM (IBM.N) reported third-quarter revenue slightly above Wall Street targets on Wednesday, buoyed by stable demand for its software solutions and a stronger-than-expected mainframe business.
Shares of the Armonk, New York-based company rose 2% in trading after the bell.
While the company has seen a slowdown in the growth of its overall business compared to last year, it reiterated its annual target for revenue growth and free-cash-flow generation.
Revenue at its software segment, which now includes newly acquired IT budgeting software maker Apptio, rose nearly 8%, excluding the impact from a strong dollar.
IBM's revenue in the third quarter rose about 5% to $14.8 billion, compared to an estimate of $14.73 billion, according to LSEG data.
Persons:
Brian Snyder, Ernst &, James Kavanaugh, Chavi Mehta, Pooja Desai
Organizations:
REUTERS, IBM, Ernst & Young, Reuters, Big, Revenue, Thomson
Locations:
Cambridge , Massachusetts, U.S, , New York, United States, Bengaluru