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IBM s cloud services echo its Q1 financial results: They re both down
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IBM Beats Across the Board, Posts Revenue Growth After Four Quarters of Declines
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IBM Reports 2021 First-Quarter Results
Highlights
Revenue of $17.7 billion, up 1 percent (down 2 percent adjusting for currency) Cloud Cognitive Software up 4 percent (up 1 percent adjusting for currency) Systems up 4 percent (up 2 percent adjusting for currency) Global Business Services up 2 percent (down 1 percent adjusting for currency)
Total cloud revenue of $6.5 billion, up 21 percent (up 18 percent adjusting for divested businesses and currency) Cloud revenue of $26.3 billion over last 12 months, up 19 percent (up 18 percent adjusting for divested businesses and currency)
Red Hat revenue up 17 percent (up 15 percent adjusting for currency), normalized for historical comparability
GAAP gross profit margin of 46.3 percent, up 120 basis points; Operating (non-GAAP) gross profit margin of 47.3 percent, up 110 basis points
IBM Reports First Revenue Growth Since 2018; But Closer Look Reveals Usual Accounting Gimmicks
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IBM Shares Jump on Biggest Revenue Growth Since 2018
Bloomberg 56 mins ago Jackie Davalos
(Bloomberg) International Business Machines Corp. shares jumped in extended trading after the company reported its biggest revenue gain in eleven quarters, driven by demand for cloud services and suggesting Chief Executive Officer Arvind Krishna’s turnaround plan is starting to bear fruit.
Sales increased 1% to $17.7 billion in the three months ended Mar. 31, the Armonk, New York-based company said Monday in a statement. That beat the $17.3 billion analysts had forecast, on average, according to data compiled by Bloomberg.
IBM reported first-quarter revenue growth in three of its five business segments, including Cloud and Cognitive Software, which saw a sales increase of 3.8% from a year earlier to $5.4 billion. The Global Business Services unit, which includes consulting, and the Systems unit, which includes hardware and operating systems software, also posted year