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America-based technology company International Business Machines Corporation has released its second-quarter revenue report that reveals higher profits than analysts had initially estimated. The strong growth has been attributed to a revival in client spending in its consulting and cloud businesses.
According to reliable sources, the company’s share value rose by 2% and was valued at USD 140.73 in extended trading.
Total revenue amassed surged by 3%, to be worth USD 18.75 billion in the reported quarter, its highest increase in three years. Notably, analysts had estimated the total revenue valuation to stand at USD 18.29 billion.
This news comes amid the reopening of economies in Western Europe and North America which has propelled the growth of automotive, transportation, travel, and other consumer sectors.
The global COVID-19 crisis and the resulting lockdowns rendered existing businesses models ineffective which prompted enterprises to adopt a hybrid cloud to process and manage data, cited sources with relevant information.
As a result, IBM’s cloud vertical sales hiked by 13% and were assessed at USD 7 billion for this quarter.
For the record, the technology company has been investing large amounts of funds in artificial intelligence and cloud-focused ventures.
IBM has reportedly spent USD 3 billion on eight acquisitions since early 2021. It also acquired Red Hat Inc., an American software company for USD 33 billion in 2019 in an effort to shift to hybrid cloud.
Meanwhile, IBM’s net income dropped down to USD 1.33 billion at the end of the second quarter, from USD 1.36 billion in 2020.
In related news, Bangalore International Airport Limited and IBM announced a 10-year long agreement under which the technology giant will provide state-of-the-art IT solutions to develop an ‘Airport in a Box’ platform to transform the travel experience for passengers at the BLR Airport.
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