KD - Why Kyndryl Holdings Stock Crushed the Market Today
2023-08-08 18:54:03 ET
Kyndryl Holdings (NYSE: KD) , a relatively recent arrival to the stock market, had quite the trading session on Tuesday.
The company, essentially pieces of the legacy business of tech sector mainstay IBM , posted fiscal first quarter of 2024 results that wowed investors. Thanks to this, its share price vaulted almost 19% higher on the day.
Kyndryl's quarter saw the tech company earn $4.19 billion in revenue. This was down, although not by an alarming level, from the $4.29 billion of second quarter 2022. The company broke even in terms of non- GAAP (adjusted) net income, representing a notable improvement over the $100 million it lost in the year-ago quarter.
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Why Kyndryl Holdings Stock Crushed the Market Today