RTTNews | Jul 20, 2021 07:11AM EDT

07:10 Tuesday, July 20, 2021 (RTTNews.com) - Shares of International Business Machines Corporation (IBM) are up more than 3% in pre-market on Tuesday following upbeat second-quarter results.

The company reported net income of $1.3 billion or $1.47 per share in the second quarter compared with $1.36 billion, or $1.52 per share, in last year's second quarter.

Excluding items, earnings of $2.33 per share beat the average estimate of analysts polled by Thomson Reuters at $2.29 per share.Analysts' estimates typically exclude special items.

Revenue for the quarter increased 3% year-over-year to $18.7 billion, helped by 6% growth in Cloud & Cognitive Software segment and 12% increase in Global Business Services revenue. The consensus estimate was for $18.29 billion.

IBM closed Monday's trade at $137.92, down 0.71%. The stock is currently at $143.17.

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