International Business Machines Corp beat estimates for second-quarter profit on Monday and signalled that demand in its cloud computing business would get a boost as large corporations accelerate their digital shift due to the coronavirus crisis.
"The trend we see in the market is clear. Clients want to modernize apps, move more workloads to the cloud and automate IT tasks," IBM's new boss Arvind Krishna said on a post-earnings call with analysts. Krishna took over as chief executive officer from Ginni Rometty in April, while appointing former Bank of America Corp's top technology executive, Howard Boville, as the new head of the cloud business.IBM's global business services unit was impacted as clients cut or delayed spending on discretionary projects due to COVID-19, CFO James Kavanaugh told Reuters. Sales in the unit fell 7per cent to US$3.9 billion.
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