Stefan Mileschin

Still a little uncertain about COVID-19

IBM surprised the cocaine nose jobs of Wall Street with its estimates for quarterly revenue -- thanks mostly to the cloud.

However IBM shares fell three percent after the company stayed away from issuing a forecast for the current quarter, citing uncertainty around a global economic recovery due to the COVID-19 pandemic.

Chief Financial Officer James Kavanaugh said: “Clients’ near-term priorities continue to include operational stability, flexibility and cash preservation, which tends to favor (operating expenses) over (capital expenses).This is resulting in some project delays and purchase deferrals.”

Revenue from the cloud business, previously headed by Chief Executive Officer Arvind Krishna, rose 19 percent to $6 billion in the third quarter, offsetting weakness in much of its other businesses.

https://fudzilla.com/news/51728-ibm-sees-cloud-boost