IBM reported second-quarter results in excess of analysts' expectations after closing on Monday. According to the company, as a result of the coronavirus epidemic, several major partners have decided to bring forward their infrastructure developments planned for later, all of which contributed to the technology giant's cloudy business closing the period well and with fundamentally positive prospects for the rest of the year.
Arvind Krishna, a veteran who took over the government at the company in April this year, highlighted the presentation of quarterly results, with partners forced to flee forward in the direction of infrastructure modernization and automation during this period. Accordingly, IBM's cloud business grew 30% year-over-year to $ 6.3 billion in the second quarter – a business previously led by Krishna, replaced by Howard Boville, chief technology officer of Bank of America, in the spring.
IBM's global business services business, on the other hand, closed the quarter with a 7% drop in sales of $ 3.9 billion – a fall attributable to the effects of the coronavirus epidemic, the company said. Similarly, the company’s global technology services business fell 8% to $ 6.3 billion.
The technology giant's quarterly revenue fell 5.4% to $ 18.12 billion overall, but the decline was somewhat smaller than the analyst consensus expected $ 17.72 billion in revenue from IBM in the second quarter. The value of the firm’s securities probably rose 5% in post-closing trading as a result.