KD - Kyndryl stock surges +20% after Q4 results beat raised FY 2023 revenue guidance

• Shares of Kyndryl ( NYSE: KD ) on Wednesday hit their highest level since early March 2022, after the IT infrastructure services provider reported Q4 results that beat estimates and raised its FY 2023 revenue guidance.
• KD stock had jumped nearly 21% to $16.42 in late afternoon trading.
• The company after hours on Tuesday posted Q4 GAAP EPS -$0.47 which beat estimates by 21 cents . Revenue fell 5.7% Y/Y to $4.3B, but beat expectations by $340M .
• KD also said it now expects FY 2023 revenue of $16.8B to $17B, higher than its previously provided outlook of $16.3B to $16.5B. The consensus revenue estimate is $16.68B.
• The company's results were driven by progress in its so-called "three-A initiatives" push which drove expanded customer relationships, new business wins and higher profitability, KD CEO Martin Schroeter said in a statement .
• The company also said that currency movements had a negative Y/Y impact of about $90M on its adj. pretax income.
• KD reaffirmed its FY 2023 guidance for adj. EBITDA and adj. pretax margins.

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