Revenue gains in the second quarter were boosted by IBM’s Global Business Services and Cloud and Cognitive Software units, which saw sales increase by 12% and 6%, respectively. Total cloud revenue grew 13% compared with a year earlier to $7 billion with Red Hat sales surging 20% during the quarter. IBM shares gained 9.6% this year to $137.92 at Monday’s close, compared with a 13% increase for the S&P 500 Index. IBM spent about $3 billion in the first half of this year to bolster cloud and AI capabilities, according to Kavanaugh. Most recently IBM bought Madrid-based Bluetab Solutions Group in an effort to extend its reach in Europe and Latin America.

Source: Mint July 19, 2021 20:15 UTC