International Business Machines Corp on Monday withdrew its 2020 annual forecast due to uncertainty caused by COVID-19, but said its customers ...
International Business Machines Corp on Monday withdrew its 2020 annual forecast due to uncertainty caused by COVID-19, but said its customers were relatively well positioned for the pandemic and it would continue to pay dividends.
The company posted quarterly revenue slightly lower than Wall Street expected, but beat profit targets as sales in its high-margin cloud computing business rose 19per cent.IBM has ample free cash flow and liquidity to invest in its business and continue paying dividends, Chief Financial Officer James Kavanaugh told Reuters.
Kavanaugh said 70per cent of IBM's revenue is made up by five industries that are predicted to be moderately or minimally impacted by the virus outbreak, including healthcare and telecommunications. Revenue from the cloud business, previously headed by IBM's new boss Arvind Krishna, rose 19per cent to US$5.4 billion in the first quarter.
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