The American technology group IBM continued to grow with its cloud division in the past quarter. Under pressure from the corona crisis, however, results across the board declined. The company has also withdrawn its financial forecast for the whole of 2020 due to the great uncertainty in the market.
International Business Machines, as IBM is called in full, saw cloud revenue grow 19 percent to $ 5.4 billion. The part is seen by experts as crucial for the company. The company has been trying for several years to strengthen its position in the cloud market. For example, software company Red Hat was incorporated last year. The deal involved $ 34 billion.
However, IBM as a whole recorded a 3.4 percent sales decline during the reporting period, to $ 17.6 billion. Earnings dropped to $ 1.2 billion from $ 1.6 billion a year ago. The company is clearly troubled by the fact that many organizations currently prefer to postpone large IT investments. IBM is the first major American tech company to give a look at the books for the past quarter.