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IBM beats Street 3Q forecasts

International Business Machines Corp. on Monday reported better-than-expected third-quarter results, thanks to strong growth in cloud and other strategic initiatives. The Armonk, New York-based company earned $2.85 billion, or $2.98 per share.

IBM’s Surging Cloud Revenues Offset Legacy Losses

IBM's steady growth across several strategic businesses, especially its portfolio of cloud-based products and services, balanced out declines in the Armonk, New York-based computing giant's legacy markets. CFO Martin Schroeter told investors on Monday's earnings call that IBM clients are looking for cognitive capabilities, delivered as services in the cloud.

IBM shares fall after earnings; sales come in flat

Overall revenue at International Business Machines Corp. edged lower, falling for the 18th consecutive quarter, even as the company saw some growth in newer businesses such as cloud computing and artificial intelligence. The Armonk, N.Y., company reported third-quarter earnings Monday, saying that revenue for the quarter was $19.23 billion, down 0.3%, as the company has attempted to transition into new lines of business as its core products have become increasingly pressured by the move to computing services delivered over the internet.