IBM Soars Most Since 2009 After Forecasting Revenue Growth
- Third-quarter sales, earnings beat average analyst estimate
- Growth in software and hardware helped boost numbers
An IBM Visual Inspection system illuminates an automobile door handle at the International Business Machines Corp. (IBM) Watson cognitive computing platform IoT center in Munich, Germany, on Thursday, Aug. 10, 2017. IBM is revamping its Global Technology Services division, which helps customers run their computer networks, to rely more heavily on artificial intelligence.
Photographer: Andreas Arnold/BloombergAfter more than five years of declining sales, IBM says it will finally show investors it can grow again. Wall Street cheered, sending the shares up the most in more than eight years.
Some of that sales boost will come from one of the company’s legacy hardware businesses, rather than the new services such as cloud and data analytics on which IBM has been pinning its prospects for growth.