International Business Machines Corp. reported a stronger-than-expected 8% revenue increase in the first quarter on continued momentum in its hybrid cloud platform, a key focus of the tech company’s transformation.
Revenue rose to $14.2 billion, from $13.19 billion a year earlier, beating analysts’ expected $13.78 billion, according to FactSet. The results were boosted by a 14% revenue increase from the hybrid cloud, which straddles public clouds, private clouds and as-a-service properties.
