IBM shares were down 2.6 percent in after-market trades. “The strong performance of our cloud business, led by Red Hat, underscores the growing client adoption of our open hybrid cloud platform,” said IBM chief executive Arvind Krishna. The group recently unveiled a corporate reorganization to allow it to focus on cloud computing, spinning off its division for managed infrastructure. The spin-off will create two separate, publicly traded firms by the end of 2021, according to IBM. The move positions IBM to ramp up competition in cloud computing against rivals such as Amazon, Microsoft and Google.

Source: Manila Times October 19, 2020 22:41 UTC