IBM Q1 income down 26 percent
IBM has released first quarter results, which show a decline in revenue amid the COVID-19 pandemic. Revenue decreased 3.4 percent on an annualised basis in the first quarter as the company dealt with the spread of coronavirus, with net income for the quarter totalling $1.18bn, down 26 percent year on year.
IBM has, however, seen a significant rise in total cloud revenue at $5.4bn, which is up 19 percent. Arvind Krishna, IBM chief executive officer commented: “Our first-quarter performance in cloud is a reflection of the trust clients place in IBM’s technology and expertise today and positions us to continue building an enduring hybrid cloud platform for the future.”
The company is withdrawing its full-year 2020 guidance in light of the current COVID-19 crisis, stating it will reassess this position based on the clarity of the macroeconomic recovery at the end of the second quarter.