International Business Machines Corp. reported sales that topped analysts’ estimates on strong demand for its hybrid-cloud offerings, signaling continued momentum for its transition to a business fueled by cloud-based software and consulting.
First-quarter revenue rose 7.7% to $14.2 billion, compared with analysts’ average projection of $13.8 billion, according to data compiled by Bloomberg. The sales results and comparison exclude much of IBM’s legacy infrastructure services unit, which was spun off in November into a new company called Kyndryl.
