IBM Posts Strong 2nd Quarter
CBJ — International Business Machine’s transition from a one-time leader in mainframe computer systems to a leader in cloud-based computer business continues to be a major success.
IBM surpassed analysts’ expectations for second-quarter profit and that is likely to continue as more large companies accelerate their digital shift due to the COVID-19 pandemic.
The company’s stock rose by more than 5% in after-close trading.
IBM has cut loose a sizable portion of its legacy business systems to focus on the high-margin cloud computing business.
Revenue from the cloud business gained an impressive 30% to $6.3 billion in the company’s fiscal second quarter.