IBM’s declining revenue offset by strong cloud performance
IBM‘s second quarter results suggest economic recovery may take longer than the company originally hoped for as revenue continues to dip, though there was a substantial rise in cloud revenue.
IBM’s Q2 results showed total revenue decreased by 5.4 percent to $18.1bn, total cloud revenue increased by 30 percent to $6.3bn, and Red Hat revenue was up by 17 percent.
Arvind Krishna, chief executive officer at IBM, said: “Our clients see the value of IBM’s hybrid cloud platform, based on open technologies, at a time of unprecedented business disruption. We are committed to building, with a growing ecosystem of partners, an enduring hybrid cloud platform that will serve as a powerful catalyst for innovation for our clients and the world.”