IBM Profits, Higher Second Quarter Revenue Thanks to Growing Cloud Demand By Investing.com
© Reuters. IBM Profits, Higher Second Quarter Revenue
By Yasin Ebrahim
Investing.com – IBM (NYSE 🙂 reported on Monday in the second quarter that it was beating analysts’ expectations as growing demand in its cloud business boosted performance.
IBM shares gained 1.96% in after-hours trading following the report.
IBM reported earnings per share of $ 2.33 on revenue of $ 18.75 billion. Analysts polled by Investing.com were forecasting EPS of $ 2.32 for revenue of $ 18.29 billion.
Total cloud revenue in the quarter increased 13% to $ 7.0 billion, driven by cloud and cognitive software revenue, up 29%, and revenue from the global business services cloud up 35%.
“In the second quarter, customer adoption of our hybrid cloud platform contributed to strong performance in global commercial software and services and led to improved overall revenue growth,” the company said.
Going forward, IBM plans to increase revenues for the full year of 2021 based on the exchange rates for mid-July 2021. It continues to expect adjusted free cash flow of 11. to $ 12 billion in 2021.
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