Kyndryl Shares Rally On Upbeat Q2 Results

Shares of IT infrastructure services provider, Kyndryl Holdings, Inc. (KD) are rising more than 14% Wednesday morning after reporting better-than-expected second-quarter results.

The company reported a loss of $142 million, or $0.62 per share in the second quarter, narrower than $281 million, or $1.24 per share loss, in the prior-year period.

Excluding one-time items, loss was $12 million, or $0.05 per share, that beat the average estimate of analysts polled by Thomson-Reuters of $0.63 per share loss.

Revenues for the quarter was $4.1 billion, a year-over-year decline of 3%, but beat the consensus estimate of $3.98 billion.

For the full year, Kyndryl has raised its full-year adjusted pretax income outlook to at least $140 million, from the prior outlook of at least $100 million.

Kyndryl shares, currently at $17.73, touched a new high of $17.95 this morning.

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