RESEARCH TRIANGLE PARK –IBM shares surged more than 4% immediately after the tech giant reported financial results for the second quarter than beat analysts’ expectations for both revenue and earnings.
”The growth we’re seeing is very encouraging,” Chief Financial Officer Jim Kavanaugh told Bloomberg news. “It’s proof our clients are adopting the hybrid-cloud platform.”
Raleigh-based Red Hat delivered 20% year-over-year revenue growth, helping Big Blue report its strongest revenue growth in three years, as noted by CNBC. That’s 3 percentage points higher than reported in the first quarter.
IBM (NYSE: IBM) is counting heavily on Red Hat to be a growth engine as it focuses more on cloud and artificial intelligence sectors.
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