IBM Cloud Business Growth Boosts Second Quarter Profits

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      IBM completed its Supercloud merger with Linux manufacturer Red Hat last week. While shifting its focus from traditional business such as mainframe servers to cloud business, the company is facing years of declining revenue.
Revenue in IBM's cloud sector has increased by 5% over the past 12 months to $19.5 billion.
Cloud computing and cognitive software businesses, including analysis, network security and artificial intelligence, saw quarterly revenue growth of 3.2% to $5.65 billion, higher than the $5.49 billion expected by three analysts in the Lufford IBES survey.
Total quarterly revenue fell 4.2% to $19.16 billion, with analysts expecting $19.16 billion.
James Kavanaugh, IBM's chief financial officer, said the decline in revenue could be attributed to the company's weak traditional hardware sales business.
"We are at the back end of the system hardware product cycle... This has been one of the company's most successful projects so far for quite a long time.
More than 60% of IBM's revenue comes from outside the United States, and the company says the strength of the U.S. dollar has dragged down its revenue by about $500 million.


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