IBM Shares Jump on Biggest Revenue Growth Since 2018
- Sales up 1% as more clients adopt IBM’s hybrid-cloud platform
- CEO Arvind Krishna has focused on AI, cloud to revive growth
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International Business Machines Corp. shares jumped in extended trading after the company reported its biggest revenue gain in eleven quarters, driven by demand for cloud services and suggesting Chief Executive Officer Arvind Krishna’s turnaround plan is starting to bear fruit.
Sales increased 1% to $17.7 billion in the three months ended Mar. 31, the Armonk, New York-based company said Monday in a statement. That beat the $17.3 billion analysts had forecast, on average, according to data compiled by Bloomberg.