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IBM earnings beat estimates on cloud strength; shares up 6%

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IBM earnings beat estimates on cloud strength; shares up 6per cent

REUTERS: International Business Machines Corp posted second-quarter revenue and profit that beat analysts' estimates on Monday, riding on the strength of its high-margin cloud computing business, sending its shares up 6 per cent.

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 IBM's cloud business. IBM's global business services unit was impacted as clients cut or delayed spending on discretionary projects due to COVID-19, Kavanaugh said. Sales in the unit fell 7 per cent to US$3.9 billion.While Western Europe and Asia Pacific showed a pickup in client spending during June, US and Latin America customers pulled back as the pandemic impact got worse, Kavanaugh said.

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