The director of IBM Research, Arvind Krishna, spoke on stage at the 2016 Wired Business Conference in New York City.
IBM shares jumped as much as 7% in extended trading on Monday after the company said revenue increased in the fourth quarter.
The company did it.
The earnings were adjusted to $3.35 per share.
The revenue was $16.7 billion.
IBM spun out its managed infrastructure services business. The company said revenue rose from a year earlier. Sales to Kyndryl are part of the growth.
IBM executives have been telling investors to look for revenue growth. Revenue from continuing operations increased by 2% in the prior quarter. The company's revenue grew at its fastest rate since 2011.
Net income in the fourth quarter increased to $2.33 billion, while gross margin narrowed to 56.9% from 58.9%.
IBM streamlined its reporting segments for the fourth quarter. The company's software business generated $7.27 billion in revenue, up 8% from a year earlier.
The consulting unit's revenue rose to $4.75 billion. IBM's infrastructure business was down in the first half of the year.
IBM shares are down 4% since the start of the year, while the S&P 500 is down 8%.
IBM announced the acquisitions of an Australian cloud consulting company and a consulting unit that handles Adobe implementations during the period. It also announced a vertical transistor architecture.
The results and expectations for the year will be discussed by executives on a conference call with analysts. Time.
This is breaking news. You can check back for updates.
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