Security, cloud surge; revenues beat expectations
Mainframes: they may not be fashionable, but they are still big business for IBM and were the fastest growing business line for the company as it reported its Q2 results late Wednesday, while more cutting edge solutions declined.
Overall company revenue gained two percent, adjusted for FX volatility, to $20 billion (£15.2 billion) in the second quarter, IBM said in a statement, marginally outperforming analyst expectations of $19.9 billion.
Mainframes Up; Cloud Also Booming
Its cloud segment grew 18 percent to $4.7 billion, driven by impressive cloud-as-a-service growth of 24 percent.
IBM’s “Cognitive Solutions” segment meanwhile, which includes solutions software and transaction processing software, returned revenues of $4.6 billion, down one percent when factoring in FX adjustments.