Why IBM Stock Jumped Today
Shares of IBM (NYSE: IBM) climbed 5.7% on Tuesday after the technology giant's fourth-quarter report gave investors hope that its growth strategy was taking hold.
IBM's revenue from continuing operations rose 6.5% year over year to $16.7 billion. That was well above Wall Street's estimates, which had called for sales of just under $16 billion.
The gains were driven by an 8.2% increase in IBM's software revenue, to $7.3 billion, and a 13.1% jump in its consulting revenue, to $4.7 billion. The company's hybrid cloud operations, which help businesses integrate their private computing resources with public cloud services, enjoyed particularly strong growth. Sales in this segment surged 16% to $6.2 billion.
Source Fool.com
