International Business Machines Corp forecast full-year profit above market expe...
) forecast full-year profit above market expectations on Tuesday after reporting surprise growth in quarterly revenue, boosted by its high-margin cloud computing business, sending its shares up more than 4%.
Over the past few years, Chief Executive Officer Ginni Rometty has been trying to shift the company’s focus to the cloud through acquisitions and also by selling some of IBM’s legacy businesses. IBM reported adjusted gross profit margin of nearly 52% for the quarter, a rise of 230 basis points, which was its largest in more than 10 years.
Revenue from the cloud and cognitive software segment, which includes Red Hat, rose 8.7% to $7.2 billion in the fourth quarter ended Dec. 31.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How companies like Google and IBM plan to make money from quantum computingHere's how quantum computing works, and how it could change everything from Wall Street to Big Pharma and beyond.
Read more »
IBM set to report earnings after the bellIBM's revenue is expected to decline again, even after it began shipping a new mainframe computer.
Read more »
Stocks making the biggest moves after hours: IBM, Netflix, TD Ameritrade & moreCheck out the companies making headlines after hours on Tuesday.
Read more »
IBM got a boost from Red Hat and its results shows buying it was smart - Business InsiderSix months after IBM spent $34 billion to acquire an open source software company, IBM's Q4 results showed that 'Red Hat goodness is kicking in'
Read more »
South Korea's fourth-quarter GDP growth seen picking up, but full-year pace slowest in a decade: Reuters pollSouth Korea's economy likely grew faster in the December quarter than in th...
Read more »
BOJ holds fire, nudges up growth forecast on receding global risksThe Bank of Japan kept monetary policy steady and nudged up its economic growth ...
Read more »