International Business Machines Corp. reported revenue that beat analysts’ estimates, buoyed by strong demand in the software unit, which includes IBM’s hybrid-cloud offering, signaling that the company’s efforts to transform the 110-year-old tech giant are bearing fruit.
Sales rose 6.5% to $16.7 billion in the three months ending Dec. 31, the Armonk, New York-based technology company said Monday in a statement. It was the biggest increase in at least 10 years. Analysts were expecting $16 billion, on average, according to data compiled by Bloomberg. The stock jumped as much as 7.5% in extended trading before giving up much of the gains.
