Cloud strength pushes IBM to sales growth after a year of declines
International Business Machines returned to sales growth in the first quarter after a year of declines and beat Wall Street targets on Monday, boosted by its bets in the high-margin cloud computing business.
Shares of the Dow component, which have gained nearly 6% so far this year, were up more than 4% in extended trading.
Finance chief James Kavanaugh said cloud spending by clients in retail, manufacturing, and travel industries in the United States was picking up after the initial pandemic-driven slump.
