Reportedly, International Business Machines Corporation (IBM) beat Wall Street estimates for revenue in the fourth quarter, as the technology giant focussed on the cloud after exiting the slow-growing managed infrastructure business. Excluding items, IBM earned $3.35 per share, beating estimates of $3.30.
Revenue at IBM’s consulting business increased 13.1%, while cloud revenue rose 16% to $6.2 billion in the quarter. IBM has doubled down on the software and consulting businesses after shedding its former managed infrastructure unit in November following years of growth and margin pressures. IBM’s revenue increased 6.5% to $16.7 billion beating analyst expectation of $15.96 billion, adjusted for the separation of the managed infrastructure services business, now known as Kyndryl.
Dow 30 component International Business Machines Corporation (IBM) provides information technology (IT) products and services worldwide. To learn more about International Business Machines Corp (IBM) and to track its ongoing progress please visit the Vista Partners IBM Coverage Page.
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