International Business Machines Corp posted second-quarter revenue and profit that beat analysts' estimates on Monday, riding on the strength of its high-margin cloud computing business, sending its shares up 6%.
) posted second-quarter revenue and profit that beat analysts’ estimates on Monday, riding on the strength of its high-margin cloud computing business, sending its shares up 6%.
IBM has jettisoned some of its legacy business to focus on cloud computing, an area that has seen a lot of action in recent years as companies ramp up their digital shift to control costs and boost efficiency. Krishna took over as chief executive officer from Ginni Rometty in April, while appointing former Bank of America Corp’s top technology executive Howard Boville as the new head of IBM’s cloud business.
IBM’s global business services unit was impacted as clients cut or delayed spending on discretionary projects due to COVID-19, Kavanaugh said. Sales in the unit fell 7% to $3.9 billion.
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