IBM misses revenue estimates but cloud jumps; withdraws forecast [Reuters]
International Business Machines Corporation (IBM)
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Source: Reuters
IBM misses revenue estimates but cloud jumps; withdraws forecast (Reuters) - International Business Machines Corp ( IBM.N ) posted quarterly revenue slightly lower than Wall Street expected, but beat profit targets as sales in its high-margin cloud computing business rose 19%. The company also withdrew its 2020 annual forecast, in line with some other big corporations, as the coronavirus pandemic wreaks havoc on the global economy. Big Blue is the first U.S. tech major to report quarterly results for the period ending March 31, during which the country’s economy was badly hit as the outbreak kept people indoors. The company for several years has been focused on becoming a major player in the cloud services industry, acquiring Linux maker Red Hat and selling some legacy businesses. Revenue from the cloud business, previously headed by IBM’s new boss Arvind Krishna, rose 19% to $5.4 billion in the first quarter. Krishna took over the chief executive officer role from Ginni Rometty in
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