An IT technology pioneer, IBM is seriously reshaping around artificial intelligence as hybrid cloud business soars!
- International Business Machines Corp. reported 8% revenue increase in the first quarter, on continued momentum in its hybrid cloud platform, a main focus of the tech company’s transformation.
Revenue rose to $14.2 billion, (from $13.19 billion a year earlier) according to FactSet.
*IBM Tweet on Hybrid cloud & A.I
Hybrid cloud and AI are the foundation of smarter business. #Think2021 is where they come to life.
— IBM (@IBM) April 19, 2021
The results were boosted by a 14% revenue increase from the hybrid cloud.
- The company expects revenue growth this year at the high end of double digit forecast basis
Chief Financial Officer Jim Kavanaugh,
said the revenue growth reflected growing demand, driven by companies spending more on digital investments, in areas like automation, artificial intelligence and cybersecurity.
“Most of this growth is focused on more demand-driven, as clients and industries are looking to create sustainable, competitive advantage,” Mr. Kavanaugh said in an interview.
Big tech keeps investing in data centers as they compete for the estimated $214 billion cloud computing market. WSJ reports
IBM posted a profit from continuing operations, as the software revenue rose 12% in the latest period, which included revenue from its commercial relationship with Kyndryl.
*IBM’s stock closed Tuesday 2.4% higher at $129.15 and gained 1.5% in recent after-hours trading.