International Business Machines Corp edged past Wall Street estimates for quarterly revenue on Monday, bolstered by higher demand for its cloud computing services from companies speeding up their digital shift due to the coronavirus pandemic.
The results come just weeks after Big Blue surprised investors with its announcement of splitting itself into two public companies, placing big bets on cloud computing to drive its future growth."We continue to see a very strong pattern in acceleration of our clients' digital transformation ... We are seeing that play out in our Red Hat business," Chief Financial Officer James Kavanaugh told Reuters.
IBM's total revenue fell 2.6per cent to US$17.56 billion in the reported quarter, but was slightly above analysts' estimates of US$17.54 billion, according to IBES data from Refinitiv. Excluding the impact from currency and business divestitures, sales declined 3.1per cent.
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