Shares of Kyndryl Holdings (NYSE: KD) soared on Wednesday morning thanks to a robust earnings report. The stock was up by 13.9% at 10:30 p.m. ET, slightly below a 10:00 a.m. peak at 15.7%.

The company, formerly known as 's (NYSE: IBM) infrastructure services division, was expected to post an adjusted net loss of $0.63 on sales near $3.98 billion in the second quarter of fiscal year 2024. Instead, Kyndryl reported a net loss of $0.62 per share and $4.07 billion in top-line revenue. The company raised its full-year guidance for adjusted pre-tax income and earnings before interest, taxes, depreciation, and amortization (EBITDA).

Kyndryl's management credited the company's "three-A initiatives" for this quarter's solid performance.

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Source Fool.com