(Reuters) - International Business Machines Corp edged past Wall Street estimates for quarterly revenue on Monday, bolstered by higher demand for its cloud services, a business it is staking its future on as it prepares to spin off one of its legacy units.
IBM shares, however, fell 3% after the company stayed away from issuing a forecast for the current quarter, citing uncertainty around a global economic recovery due to the COVID-19 pandemic.
"Clients' near-term priorities continue to include operational stability, flexibility and cash preservation, which tends to favor (operating expenses) over (capital expenses)," Chief Financial Officer James Kavanaugh said.
"This is resulting in some project delays and purchase deferrals."
Revenue from the cloud business, previously headed by Chief Executive Officer Arvind Krishna, rose 19% to $6 billion in the third quarter, offsetting ...
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