IBM withdraws 2020 forecast on coronavirus uncertainty, will continue paying dividends [Toronto Globe and Mail (Ontario, Canada)]
International Business Machines Corporation (IBM)
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Source: Toronto Globe and Mail
IBM withdraws 2020 forecast on coronavirus uncertainty, will continue paying dividends International Business Machines Corp on Monday withdrew its 2020 annual forecast due to uncertainty caused by COVID-19, but said its customers were relatively well positioned for the pandemic and it would continue to pay dividends. The company posted quarterly revenue slightly lower than Wall Street expected, but beat profit targets as sales in its high-margin cloud computing business rose 19 per cent. IBM has ample free cash flow and liquidity to invest in its business and continue paying dividends, Chief Financial Officer James Kavanaugh told Reuters. “We’ve done many different stress tests of our business model, running multiple scenarios around the uncertainties of the duration of the health crisis, but also the rate and pace of recovery around the world.” Kavanaugh said 70 per cent of IBM’s revenue is made up by five industries that are predicted to be moderately or minimally impacted by the vi
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