IBM Chairman and CEO Arvind Krishna appears on a panel session at the World Economic Forum in Davos, Switzerland, on Jan. 17, 2023.Stefan Wermuth | Bloomberg | Getty ImagesIBM issued stronger-than-expected first-quarter earnings on Wednesday even as the technology and consulting company reported disappointing revenue.Here’s how the company did:Earnings: $1.36 per share, adjusted, vs. $1.26 per share as expected by analysts, according to Refinitiv.Revenue: $14.25 billion, vs. $14.35 billion as expected by analysts, according to Refinitiv.related investing news 4 hours agoIBM’s revenue increased 0.4% from a year earlier in the quarter, according to a statement. Net income rose 26% to $927 million, or $1.02 a share, for continuing operations.Profit rose faster than revenue as IBM’s total expenses and other income declined 4% to $6.45 billion, with reductions coming in research, development and engineering. IBM has taken steps to operate more efficiently, including by optimizing its infrastructure and application environment and adopting IBM Red Hat OpenShift software, finance chief Jim Kavanaugh said on a conference call with analysts. “We continue to evaluate additional actions,” he said.Net income was about $260 million lower because of changes in the company’s portfolio. Last year, IBM said it was selling health-care data and analytics assets to Francisco Partners.Revenue in the company’s software segment rose about 3% to $5.92 billion year over year, higher than the $5.83 billion consensus among analysts polled by StreetAccount.IBM …
