IBM withdraws its full-year 2020 financial guidance due to coronavirus [CNNMoney.com]
International Business Machines Corporation (IBM)
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Source: CNNMoney.com
IBM withdraws its full-year 2020 financial guidance due to coronavirus New York (CNN Business) IBM's cloud division, one of its most important business units , had strong growth in the first three months of 2020, despite disruption caused by coronavirus. The company recorded total cloud revenue of $5.4 billion, up 19% from the prior year, according to IBM's ( IBM ) Monday earnings release for the three months ending in March. The segment's growth rate is only down slightly from the 21% increase it gained in the previous quarter. Overall, the company's financial results for the three months ending in March were largely in line with Wall Street analysts' expectations. IBM reported quarterly revenue of $17.6 billion, down 3.4% from the prior year, and earnings per share of $1.84, compared to analysts' projections of $1.80 EPS. The company's stock fell around 2.4% in after-hours trading. "IBM remains focused on helping our clients adapt to the immediate challenges of the COVID-
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