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. PUBLISHED BY
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.
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Operator
Welcome, and thank you for standing by. [Operator instructions] Today s conference is being recorded. If you have any objections, you may disconnect at this time. Now, I would like to turn the meeting over to Ms.
Patricia Murphy with IBM. Ma am, you may begin.
Patricia Murphy
Vice President, Finance and Operations
Thank you. This is Patricia Murphy, and I d like to welcome you to IBM s fourth-quarter 2020 earnings presentation. I m here with Arvind Krishna, IBM s chairman and chief executive officer; and Jim Kavanaugh, IBM s senior vice president and chief financial officer. We ll post today s prepared remarks on the IBM investor website within a couple of hours, and a replay will be available by this time tomorrow.
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