Shares of Kyndryl Holdings (NYSE: KD) surged over 15% on November 7, 2024, after the IT services company reported better-than-expected financial results for its fiscal second quarter of 2025. The company's strong performance and positive outlook for the remainder of the year fueled investor optimism, driving the stock's significant rally.
In the fiscal second quarter ended September 30, 2024, Kyndryl posted an adjusted non-GAAP profit of $0.01 per share, surprising analysts who had projected a loss of $0.03 per share. The company's revenue also exceeded expectations, coming in at $3.77 billion, above the consensus estimate of $3.72 billion.
A key highlight of Kyndryl's Q2 performance was the robust growth in its consulting business, which saw sales increase by an impressive 23% year-over-year. Signings for its Kyndryl Consult offering surged 81% compared to the same period last year, indicating strong demand for the company's consulting services. Additionally, Kyndryl reported $260 million in sales to cloud hyperscaler customers, keeping the company on track to achieve its target of nearly $1 billion in hyperscaler revenue for fiscal 2025.
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