IBM on Monday, January 24, beat Wall Street estimates for revenue in the fourth quarter, as its focus on the cloud paid off in Big Blue’s first earnings after exiting the slow-growing managed infrastructure business.
“This will be the first quarter where you’ll see what today’s IBM looks like, and that is a higher revenue growth company,” chief financial officer James Kavanaugh told Reuters in an interview. Revenue at IBM’s consulting business rose 13.1%, while cloud revenue jumped 16% to $6.2 billion in the quarter.
US revenue rose in the mid-single digits during the quarter even as the Omicron variant raged across the country, Kavanaugh said, adding that industries hit hard early by the pandemic were bouncing back.
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