Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

S&P GSCI GOLD INDEX

SummaryQuotesChartsNewsComponents 
SummaryMost relevantAll NewsOther languagesMarketScreener Strategies

IBM quarterly sales growth highest in over two years on cloud strength

04/19/2021 | 10:38pm EDT
FILE PHOTO: A man stands near an IBM logo at the Mobile World Congress in Barcelona

(Reuters) - International Business Machines Corp recorded highest quarterly sales growth in more two years and beat Wall Street targets on Monday, boosted by its bets in the high-margin cloud computing business.

Shares of the Dow component, which have gained nearly 6% so far this year, were up more than 3% in extended trading.

Finance chief James Kavanaugh said cloud spending by clients in retail, manufacturing and travel industries in the United States was picking up after the initial pandemic-driven slump.

Sales from its cloud computing services jumped 21% to $6.5 billion in the quarter. The 109-year-old firm is preparing to split itself into two public companies, with the namesake firm narrowing its focus on the so-called hybrid cloud, where it sees a $1 trillion market opportunity.

Big Blue recorded a sales decline in global technology services, its largest unit, but that was largely offset by a rise in revenue in the remaining three units, including a surprise growth in the business that hosts mainframe computers.

Mainframe saw strong traction from the financial services industry, where its banking clients shopped for more capacity as trading volumes soared during the retail trading frenzy, CFO Kavanaugh said.

"I am glad to see that strategic projects, which are IBM's bread and butter, are coming back," said Patrick Moorhead, analysts at Moor Insights & Strategy, adding that systems and global business services growth was a surprise.

"This is a good start to the year for the company who is all-in on the cloud."

Total revenue rose nearly 1% to $17.73 billion in the quarter, beating analysts' average estimate of $17.35 billion, according to IBES data from Refinitiv.

Net income fell to $955 million, or $1.06 per share, in the quarter ended March 31, from $1.18 billion, or $1.31 per share, a year earlier.

Excluding items, the company earned $1.77 per share, beating market expectation of $1.63.

(Reporting by Munsif Vengattil and Chavi Mehta in Bengaluru; Editing by Arun Koyyur)

By Munsif Vengattil and Chavi Mehta


ę Reuters 2021
All news about S&P GSCI GOLD INDEX
09:44aUPDATE ON STOCKS TO WATCH : Avino Silver Edging Up On TSX. But Silvercrest, Vict..
MT
09:40aUPDATE : Pan American Silver Down Near 10% On TSX After Providing Drill Results ..
MT
09:04aMINSUD RESOURCESá : Kicks Off Phase 3 Drilling at Chita Valley Project in Argent..
MT
07:37aMusk decries bitcoin's 'insane' energy use after Tesla payment U-turn
RE
07:27aENDEAVOUR MININGá : Q1 Earnings Soar Year over Year, Remains on Track to Achieve..
MT
06:17aMT NEWSWIRES STOCKS TO WATCH : Avino Silver Down 6.1% In US Pre-Market. Also Sil..
MT
06:13aUPDATE : Pan American Silver Down 4.3% In US Pre-Market As Provides Drill Result..
MT
06:01aPURE GOLD MININGá : Processing Rate, Ore Grade Improve at Canadian Mine; Shares ..
MT
02:16aTesla reverses course on bitcoin, citing climate
RE
12:17aJadar Resources Signs Streaming Deal for Development of Yanamina Gold Project..
MT
More news
Chart S&P GSCI GOLD INDEX
Duration : Period :
S&P GSCI Gold Index Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends S&P GSCI GOLD INDEX
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral