IBM Shares Jump on Biggest Revenue Growth Since 2018
Bloomberg 56 mins ago Jackie Davalos
(Bloomberg) International Business Machines Corp. shares jumped in extended trading after the company reported its biggest revenue gain in eleven quarters, driven by demand for cloud services and suggesting Chief Executive Officer Arvind Krishna’s turnaround plan is starting to bear fruit.
Sales increased 1% to $17.7 billion in the three months ended Mar. 31, the Armonk, New York-based company said Monday in a statement. That beat the $17.3 billion analysts had forecast, on average, according to data compiled by Bloomberg.
IBM reported first-quarter revenue growth in three of its five business segments, including Cloud and Cognitive Software, which saw a sales increase of 3.8% from a year earlier to $5.4 billion. The Global Business Services unit, which includes consulting, and the Systems unit, which includes hardware and operating systems software, also posted year
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