Jan 22, 2021 11:49am
IBM s revenues are down in the fourth quarter as it seeks to become a leader in hybrid cloud under the direction of CEO Arvind Krishna. (Pixabay)
IBM CEO Arvind Krishna s goal of transforming the company into a leader in hybrid cloud and AI hit a speed bump in the fourth quarter.
In IBM s fourth quarter earnings report Thursday afternoon, Big Blue s cloud and cognitive software revenues were down 4.5% to $6.8 billion while revenue for cognitive applications, which includes artificial intelligence, were flat. IBM s revenues of $20.37 billion decreased 6.5% from the same quarter a year ago as it missed Wall Street analysts estimates by roughly $260 million.