By Yasin Ebrahim
Investing.com - IBM (NYSE:IBM) reported on Monday second quarter earnings that topped analysts' forecasts as growing demand in its cloud business bolstered performance.
IBM shares gained 1.96% in after-hours trade following the report.
IBM announced earnings per share of $2.33 on revenue of $18.75 billion. Analysts polled by Investing.com anticipated EPS of $2.32 on revenue of $18.29 billion.
Total cloud revenue in the quarter was up 13% to $7.0 billion, led by cloud & cognitive software cloud revenue, up 29%, and global business services cloud revenue up 35%.
“In the second quarter client adoption of our hybrid cloud platform contributed to strong performance in global business services and software and drove improved overall revenue growth," the company said.
Looking ahead, IBM expects to grow revenue for the full year 2021 based on mid-July 2021 foreign exchange rates. It continues to expect adjusted free cash flow of $11 billion to $12 billion in 2021.
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