IBM expects the impact from Russia to be less than “half a percent” of total revenue last year, or a little over $200 million, Chief Financial Officer James Kavanaugh told Reuters.IBM had generated “a couple hundred million dollars” in profit from the region last year, Kavanaugh said.
The century-old company said it expects to hit the higher end of its mid-single-digit revenue growth forecast for this year, after it trounced first-quarter estimates for revenue and profit, energized by its focus on cloud services amid higher global spending on technology. Kavanaugh said the growth indicated in the new forecast is expected from its consulting business, where IBM is seeing a strong demand as clients are pushing to digitize operations, including in Europe despite the Ukraine crisis.Analysts on average expect annual revenue of $60.69 billion, which implies a 5.8% rise from last year, according to IBES data from Refinitiv.
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