International Business Machines Corp forecast full-year profit above market expe...
) forecast full-year profit above market expectations on Tuesday after reporting surprise growth in quarterly revenue, boosted by its high-margin cloud computing business, sending its shares up more than 4%.
Over the past few years, Chief Executive Officer Ginni Rometty has been trying to shift the company’s focus to the cloud through acquisitions and also by selling some of IBM’s legacy businesses. IBM reported adjusted gross profit margin of nearly 52% for the quarter, a rise of 230 basis points, which was its largest in more than 10 years.
Revenue from the cloud and cognitive software segment, which includes Red Hat, rose 8.7% to $7.2 billion in the fourth quarter ended Dec. 31.
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