International Business Machines Corp. beat analysts’ estimates for second-quarter revenue, with cloud sales helping offset coronavirus-fueled declines in the consulting services business. The shares gained in late trading.
Cloud revenue increased 30% to $6.3 billion in the period ended June 30, the Armonk, New York-based company said Monday in a statement. That helped offset revenue declines in the tech support units Global Business Services and Global Technology Services, which account for about 56% of IBM’s total revenue. Overall, sales fell 5.4% to $18.1 billion, beating the $17.62 billion analysts had expected, according to data compiled by Bloomberg.