News24
20 Apr 2021, 23:43 GMT+10
US computer giant IBM soothed market jitters Monday with better-than-expected results and a slight uptick in turnover after four quarters down.
Its stock rose 3.14% during electronic trading after the close of the New York Stock Exchange.
IBM raked in $17.7 billion in revenue in the first quarter of 2021, up 0.9% from last year at the same time.
Its net profit, on the other hand, fell from $1.18 billion to $955 million.
Cloud computing, which has become the lifeblood of the company, posted revenue of $5.4 billion, slightly up.
This sector is notably driven by a hybrid cloud platform that allows customers to use a combination of their own private servers and so-called public storage space, such as that provided by external service providers like Amazon or Microsoft.
In early February, IBM announced the acquisition of Taos, a company specialising in data migration and cloud platform management services. To focus on this sector, the group began last year hiving off its IT infrastructure management activities, to make it an independent listed company.
The operation is expected to be completed by the end of 2021.
Get a daily dose of Cincinnati Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Cincinnati Sun.
More InformationCAIRO, Egypt: This week, both Hamas and Israel shared their views ahead of expected peace talks about a new U.S.-backed ceasefire plan....
WASHINGTON, D.C.: The Trump administration has made public a visa decision that would usually be kept private. It did this to send...
MADRID, Spain: Liverpool footballer Diogo Jota and his younger brother, André Silva, have died in a car accident in Spain. Spanish...
LONDON, U.K.: An unrelenting heatwave sweeping across Europe has pushed early summer temperatures to historic highs, triggering deadly...
President Donald Trump's plans to build a space-based Golden Dome missile defense shield have drawn immediate criticism from China,...
NEW YORK CITY, New York: Paramount has agreed to pay US$16 million to settle a lawsuit brought by U.S. President Donald Trump over...
PARIS, France: Fast-fashion giant Shein has been fined 40 million euros by France's antitrust authority over deceptive discount practices...
PALO ALTO/TEL AVIV: The battle for top AI talent has claimed another high-profile casualty—this time at Safe Superintelligence (SSI),...
FRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...
REDMOND, Washington: Microsoft is the latest tech giant to announce significant job cuts, as the financial strain of building next-generation...
LONDON UK - U.S. stock markets were closed on Friday for Independence Day. Global Forex Markets Wrap Up Friday with Greeback Comeback...
SANTA CLARA, California: Nvidia came within a whisker of making financial history on July 3, briefly surpassing Apple's all-time market...