IBM Q4 Profit Up, Banks on Cloud and AI For 2021
Cloud is now 37% of IBM’s overall revenue. IBM says that only Amazon and Microsoft have higher reported cloud revenue than IBM.
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For the fourth quarter, IBM reported
revenue of $20.4 billion, down 6% and below the Wall Street analyst forecast of $20.6 billion.
Non-GAAP profits were $2.07 a share, ahead of the Street consensus of $1.79 a share. On a GAAP basis, the company
earned $1.41 a share, taking the $2 billion in restructuring costs into account.
IBM Chief financial officer
Jim Kavanaugh said in an interview with
Barron’s that the company’s revenue was little below expectations due to continued economic uncertainty, but that earnings per share came in above normal as the company cut costs and reduced debt.