International Business Machines Corporation (IBM
) raised its full-year profit forecast, after reporting high revenue growth for the quarter as per reports. Revenue soared on the back of its high-margin cloud computing business.
Highlights from the earnings release:
- Revenue from the cloud business increased by 21% to $6.8 billion in the fourth quarter, its largest so far.
- The company forecasted an adjusted profit of at least $13.35 per share for the year, in comparison to $13.29.
- IBM reported an adjusted gross profit margin of nearly 52% for the quarter.
- Revenue from the cloud and cognitive software segment, including Red Hat, rose 8.7% to $7.2 billion in the fourth quarter ending Dec. 31.
- The company earned $4.71 per share, above analysts’ expectation of $4.69, excluding special items.
Ginni Rometty, IBM chairman, president, and chief executive officer stated “We ended 2019 on a strong note, returning to overall revenue growth in the quarter, led by accelerated cloud performance,”, “Looking ahead, this positions us for sustained revenue growth in 2020 as we continue to help our clients shift their mission-critical workloads to the hybrid cloud and scale their efforts to become a cognitive enterprise.”
Dow 30 component International Business Machines Corporation (IBM
) provides information technology (IT) products and services worldwide.
IBM announced recently two significant quantum processor upgrades for its IBM Q early-access commercial systems. These upgrades represent rapid advances in quantum hardware as IBM continues to drive progress across the entire quantum computing technology stack, with a focus on systems, software, applications, and enablement. To learn more about International Business Machines Corp (IBM)
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