International Business Machines (IBM) has recently recorded its highest quarterly sales growth in over two years – beating the Wall Street targets. There is a rapid increase in the high-margin cloud computing business globally.
James Kavanaugh, Chief Financial Officer at IBM explained that the cloud spending from retail, manufacturing, and travel industries in the US have picked up after the early pandemic-driven slump.
The sales from cloud computing services increased nearly 21% to $6.5 billion in the first quarter of 2021. The tech giant is preparing to divide itself into two public companies – with the namesake firm tightening its focus on the hybrid cloud. It sees a $1 trillion market opportunity around the cloud.
Source: Reuters
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