IBM got a boost from Red Hat and its results shows buying it was smart - Business Insider

, it looks like the acquisition is paying off for the tech giant.

"We're off to a great start with Red Hat," IBM Chief Financial Officer James Kavanaugh said on a call with analysts on Tuesday."It appears that the Red Hat 'goodness' is kicking in," analyst Patrick Moorhead told Business Insider. IBM also got a boost from sales of its flagship mainframe products, which Moorhead attributed to "pent up demand."

IBM has said it's banking on a new trend called hybrid cloud, in which businesses run networks in the cloud, while keeping huge chunks of the data and applications in private data centers.The company says it expects hybrid cloud toThe IBM report shows that the tech giant may be on the right track. "They appear to be on much better footing over last year at this time and given the direction they are headed," he told Business Insider. "it is very possible that their growth will continue into the new year."

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

How companies like Google and IBM plan to make money from quantum computingHere's how quantum computing works, and how it could change everything from Wall Street to Big Pharma and beyond. Make smart decisions. Why spend 100k in education if it’s only gonna make you 35k a yr? Great Video 👍🏾
Source: CNBC - 🏆 12. / 72 Read more »

IBM set to report earnings after the bellIBM's revenue is expected to decline again, even after it began shipping a new mainframe computer. I have a way to make earnings. Yet nobody wants to listen to me. GodBless CNBCStockMarketNews interested in my stock? I have an excellent pitch just ask my lawyer👼🏻
Source: CNBC - 🏆 12. / 72 Read more »