, IBM forecasts full-year profit above estimates on cloud growth – Source Reuters Tech News, iBSC Technologies - learning management services, LMS, Wordpress, CMS, Moodle, IT, Email, Web Hosting, Cloud Server,Cloud Computing
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IBM forecasts full-year profit above estimates on cloud growth – Source Reuters Tech News

(Reuters) – International Business Machines Corp (IBM.N) 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%.

, IBM forecasts full-year profit above estimates on cloud growth – Source Reuters Tech News, iBSC Technologies - learning management services, LMS, Wordpress, CMS, Moodle, IT, Email, Web Hosting, Cloud Server,Cloud Computing

The logo for IBM is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., June 27, 2018. REUTERS/Brendan McDermid

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 bought Linux maker Red Hat Inc in a $34 billion deal last year, its biggest acquisition so far, in a push to expand its subscription-based software business.

Revenue from the cloud business rose 21% to $6.8 billion in the fourth quarter, its largest so far.

The company forecast an adjusted profit of at least $13.35 per share for the year, compared with estimate of $13.29.

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