IBM profits cratered 46% last quarter. But its share price is up ~5% because Wall Street expected that to be worse

Execs peg Big Blue's big blues to global pandemic recovery

IBM's net income felt the full brunt of the economic downturn last quarter, falling 46 per cent on the year-ago period, though impressing Wall Street.…

via The Register - Data Centre: Cloud
https://go.theregister.com/feed/www.theregister.com/2020/07/21/ibm_q2_2020/