IBM turnover picks up thanks to cloud silver lining

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.

Source: News24

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Mexico Star.

More Information

null in null

Lifestyle

Section

Quits job, sails ocean: Oliver Widger reaches Hawaii with cat Phoenix

Oregon man sails to Hawaii with cat, greeted by fans and governor

HONOLULU, Hawaii: A man from Oregon, Oliver Widger, has arrived in Hawaii after sailing across the ocean with his cat, Phoenix. He...

Tiny dancers, timeless rhythms: children move to China's cultural beat

BEIJING, May 30 (Xinhua) -- At only six years old, Zhuang Enqi is already on the road to mastering a centuries-old art -- even if it...

WHO urges members to curb tobacco consumption under "Unmasking the Appeal" theme

New Delhi [India], May 30 (ANI): World No Tobacco Day, marked annually on 31 May, addresses a major public health challenge--the persistent...

India emerges as key player in Asia Pacific Hospitality Growth

New Delhi [India], May 30 (ANI): India continues to emerge as the key player for driving the Asia Pacific (APAC) hospitality sector,...

Mumbai: Dharavi slum redevelopment plan get CM Devendra Fadnavis' approval; check salient features

Mumbai (Maharashtra) [India], May 30 (ANI): The ambitious Dharavi Redevelopment Project, a unique slum rehabilitation project that...

Punjab Minister Cheema vows strict action after explosion in Sri Muktsar Sahib kills four

Chandigarh (Punjab) [India], May 30 (ANI): A massive explosion at a cracker factory in Sri Muktsar Sahib has left four dead. The explosion...

International

Section