IBM quarterly revenue beats on cloud strength

Shares rise.

IBM quarterly revenue beats on cloud strength

IBM reported second-quarter revenue that beat analysts' estimates, as a recovery in client spending powered strong growth in its cloud and consulting businesses.

The company's shares were up two percent at US$140.73 in extended trading.

“With the reopening (of economies) in particular around North America and Western Europe, we're seeing a nice rebound in travel and transportation, automotive, industrial and consumer sectors overall,” IBM CFO James Kavanaugh told Reuters, adding that more clients spent on digitizing their operations.

After the pandemic battered existing models of business, more enterprises are adopting hybrid cloud, a combination of using their own data centres and leased computing resources to manage and process data.

Sales at IBM's cloud business rose 13 percent to US$7 billion in the reported quarter.

Seeing a US$1 trillion market opportunity in hybrid cloud, IBM has been investing aggressively in cloud and artificial intelligence-focused ventures, while also shedding its slow-growing, yet huge, managed infrastructure business.

Since the beginning of the year, the company has spent about US$3 billion on eight acquisitions, Kavanaugh said.

IBM's net income fell to US$1.33 billion, or US$1.47 per share, in the quarter ended June 30, from US$1.36 billion, or US$1.52 per share, a year earlier.

Total revenue rose three percent to US$18.75 billion, beating estimates of US$18.29 billion, according to IBES data from Refinitiv.

News Related

OTHER NEWS

Farmers warn not to bog them down in bureaucracy in firefighting registration push

© Provided by ABC NEWS Farm fire fighting units played a big role during the 2020 bushfires on Kangaroo Island. (Supplied: Sabrina Davis) A trial to register private fire units ... Read more »

NSW records 1022 new local COVID-19 cases; lockdown reintroduced in Byron, Kempsey and Tweed LGAs

© Getty Hazzard encouraged locals to “take this very seriously”, expressing concern about low testing and vaccination rates in the region. NSW has reported 1022 new local coronavirus cases, as ... Read more »

Melbourne protest marches on after warning

A second violent clash outside Melbourne’s construction union headquarters has been avoided but hundreds of protesters are now marching towards state parliament. © James Ross/AAP PHOTOS Protesters clad in hi-vis ... Read more »

Queensland eyes Byron case as Tweed prepares for snap lockdown

© Getty Palaszczuk said the state had passed the milestone of 60 per cent of eligible Queenslanders having received a first dose of the vaccine. Queensland Premier Annastacia Palaszczuk has ... Read more »

NSW records 1,022 new COVID-19 cases and 10 deaths as 'friends bubble' for under 18s announced

NSW recorded 1,022 new locally acquired COVID-19 cases in the 24 hours to 8:00pm yesterday. There were 10 COVID-19 fatalities in the reporting period. A snap seven-day lockdown has been ... Read more »

Alleged Darwin shooter pleads not guilty

A man on trial for the shooting murders of four people in Darwin has pleaded not guilty as jury selection gets underway. © PR HANDOUT IMAGE PHOTO Benjamin Glenn Hoffmann ... Read more »

Model Ajak Deng turns stuns in a mini dress at London Fashion Week

© Provided by Daily Mail MailOnline logo She recently made a return to the modelling industry following a three-year hiatus. And South Sudanese-born Australian stunner Ajak Deng has been front ... Read more »

Melbourne Star faces $3.9m liquidation debt bill

© Eddie Jim The Melbourne Star Wheel in Docklands is set to be closed permanently due to COVID lockdowns. 6 September 2021. The Age News. Photo: Eddie Jim. The Melbourne ... Read more »

WA launches 'uplifting' vaccination campaign

© Getty West Australian Premier Mark McGowan hopes the new advertising campaign will help life the state’s vaccination numbers. WA Premier Mark McGowan has announced a new “uplifting” advertising campaign ... Read more »

Aukus row: European Union demands apology from Australia over France's treatment before trade talks

The European Union is demanding answers – and an apology from Australia – over its treatment of France as the fallout from the Aukus announcement threatens to delay a key ... Read more »

Higher borrowing costs for companies not hitting gender targets

© AAP “Targets need to be set and targets need to have teeth,” says Diane Smith-Gander, who chairs the Committee for Economic Development of Australia and buy now, pay later ... Read more »

Vic protesters given 'final' warning

Hundreds of hi-vis-clad protesters chanting near the construction union’s Melbourne office for a second day have been told to back down by police. © James Ross/AAP PHOTOS Victoria Police have ... Read more »

Another COVID case announced for the Northern Rivers, infectious in Tweed, Ballina, Byron Bay

© Provided by ABC Health A regional Greens MP says residents of the Northern Rivers in New South Wales will be “sitting ducks” if restrictions on who can travel to ... Read more »

PM shrugs off risks to Europe trade talks

Scott Morrison has shrugged off warnings Australia’s decision to ditch a $90 billion French submarine contract risks derailing free-trade negotiations with the European Union. © Joel Carrett/AAP PHOTOS “It’s not an ... Read more »

NSW set to open up on October 11 as state edges closer to jab target

© Provided by Daily Mail MailOnline logo NSW is on track to hit its 70 per cent double jab target in a fortnight and could open up as early as ... Read more »

Construction shutdown a 'bitter blow' to those doing the right thing

Master Builders Victoria CEO Rebecca Casson says she had only “some warning” on Monday that the industry was going to be shut down. Work sites across Melbourne, Ballarat, Geelong, Mitchell ... Read more »

Confidence tumbles in locked-down states

Hefty job losses resulting from lengthy coronavirus lockdowns in NSW and Victoria have taken their toll on consumer confidence. © David Crosling/AAP PHOTOS Consumer confidence has taken a knock in ... Read more »

Melbourne must wait for 90% vaccination rate to reopen, expert claims

© Provided by Daily Mail MailOnline logo Allison Langdon has called out a health expert for arguing Melbourne should wait until 90 per cent of its residents are vaccinated against ... Read more »

How NSW and Victoria arrived at two different road maps

© Getty In Victoria, cabinet ministers believe the Andrews’ government’s prospects at the next election are tied to its ability to chart a more cautious approach which they maintain is ... Read more »

Scott Morrison not planning to discuss submarine deal with French President Emmanuel Macron while at United Nations General Assembly

Prime Minister Scott Morrison has defended Australia’s decision to scrap a $90 billion submarine contract with France, and says he has no plans to meet with French President Emmanuel Macron ... Read more »

Victorian construction union boss John Setka blames 'morons' for industry shutdown after violent protests

© Provided by ABC Health John Setka surrounded by protesters outside the CFMEU headquarters in Melbourne’s CBD on Monday. (ABC News) Victoria’s construction industry is reeling after it was plunged ... Read more »

New funding for eating disorder research

A new federal strategy has been unveiled on how eating disorders will be treated in Australia during the next decade. © Mick Tsikas/AAP PHOTOS Greg Hunt says the strategy is ... Read more »

COVID-19 will remain a ‘fire' fought on multiple fronts, Doherty Institute says

© Getty To date, 47 per cent of the eligible population aged 16 and over have had both doses of a coronavirus vaccine. Mask-wearing will remain indefinitely in some settings ... Read more »

NSW kids can socialise in bubble of three

Children under 18 in NSW will be able to catch-up with each other in groups of three, in a concession to families during the school holidays. © Lukas Coch/AAP PHOTOS ... Read more »

Sydney news: Under 18s to be allowed to visit friends at home; Byron Bay could face new lockdown after visitor tests positive

Here’s what you need to know this morning. ‘Friends bubbles’ for under 18s Young people under 18 will be allowed to visit their friends’ houses from today after a ‘friends ... Read more »

'Friends bubble' to be introduced for under-18s

© Getty People gather for picnics at Observatory Hill on September 19, 2021 in Sydney, Australia. In welcome news for families at the beginning of the school holidays, children will ... Read more »

Indigenous inmate sues ACT government over ‘vile and racist' image allegedly drawn by prison staff

© Provided by The Guardian Photograph: Lukas Coch/AAP A vulnerable Indigenous inmate who prison officers allegedly depicted hanging from a noose on a prison whiteboard is suing the Australian Capital ... Read more »

Violent construction protest infiltrated with 'neo-Nazis', fake tradies

© Nine Construction workers protest outside the office of the CFMEU against mandatory vaccines in the construction industry. The violent construction protest held outside the CFMEU union headquarters in Melbourne ... Read more »

Push beyond 80pct vax rates needed: report

Vaccinating 80 per cent of adults against coronavirus won’t be enough to end lockdowns, according to new modelling urging Australia to immunise children as young as five.  © Daniel Pockett/AAP PHOTOS ... Read more »

Man wanted after stabbing at Policeman Point on South Australia's Coorong

© Provided by ABC NEWS The Coorong is a coastal lagoon at the mouth of the River Murray. (ABC News) SA Police are looking for a man they say was ... Read more »

CFMEU boss slams 'fake tradies' which shut down construction industry

© Provided by Daily Mail MailOnline logo A powerful construction union boss has slammed ‘fake tradies’ who sparked violent and ugly scenes outside union headquarters which has shut down the ... Read more »

Sydney news: Under 18s to be allowed to visit friends at home; COVID hotspots hitting vaccine milestones faster

Here’s what you need to know this morning. ‘Friends bubbles’ for under 18s Children and young people aged under 18 will be allowed to visit their friends’ houses from today.The ... Read more »

Indigenous community of Cherbourg calls for help to deal with suicide crisis

© Provided by ABC Health An Indigenous community in Queensland’s South Burnett is crying out for help after losing more than 10 people to suicide in the past year. Almost ... Read more »

Groundbreaking WA study shows early intervention therapy can drastically reduce autism diagnosis in children

© Provided by ABC Health Early intervention with infants at risk of autism through therapy led by their parents improves the child’s social development to such an extent they are ... Read more »

NSW kids can visit friends' houses as part of 'friend bubble'

© Provided by Daily Mail MailOnline logo Thousands of families in lockdown have been given a school holiday treat with the easing of more Covid-19 restrictions. Kids’ play dates with ... Read more »

Aston Martin used in James Bond movie now Melbourne man's 'pride and joy'

A sports car that began its life rescuing a ‘Bond girl’ from a Portuguese beach now lives in a suburban Melbourne factory.  The owner of the Aston Martin DBS used ... Read more »

Sydney news: COVID hotspots hit vaccine milestones; call for air filters in school classrooms

Here’s what you need to know this morning. Vaccine milestones for hotspots The 12 local government areas (LGAs) in Greater Sydney deemed COVID-19 hotspots are reaching vaccination milestones quicker than ... Read more »

10yo Kurtis Scott mourned by Sunshine Coast community as family wait for answers

© Provided by ABC NEWS Maroochydore nippers head out together to remember their friend. (ABC Sunshine Coast: Jacqui Street) The Maroochydore Surf Life Saving Club normally reserves its paddle-out ceremonies for ... Read more »

MP at the centre of expense scandal, Terry Stephens, to ask Supreme Court to keep his address secret

The senior Liberal MP at the centre of South Australia’s parliamentary expense scandal is seeking a court order to keep secret the address where he nominated for the 2018 state ... Read more »

Some $6.2b in JobKeeper paid to businesses with more than $10m in turnover, but whose revenue did not fall enough during pandemic

© Provided by ABC Business JobKeeper has been described as a “sugar hit” for some firms that got the wage subsidy while making profits. (ABC Canberra: Clarissa Thorpe) About $6.2 ... Read more »