(IBM) IBM beat market forecast to report $18.7 billion revenue for the second quarter, a 3% jump compared to the same period last year.
IBM’s per share profit was $2.33, more than analysts’ forecast of $2.29 EPS from $18.3 billion in revenue.
Cloud revenue rose by 13% from that of last year to stand at $7 billion. Sales from the cloud and cognitive software increased by 29%.
IBM global business services cloud revenue was up by 35% compared to that of 2020.
CEO Arvind Krishna expects the adjusted free cash flows to be between $11 billion and 12 billion for 2021.
IBM has been growing its business in cloud and cognitive market segments. The company has also announced its plan to acquire Bluetab solutions, a Madrid software company in a drive to grow data and hybrid cloud consulting services.
IBM: NYSE is up 4.04% on pre-market.
