IBM outlines ‘hybrid’ AI approach as revenues rise
It’s been two years since IBM’s pivot to a hybrid cloud and AI strategy, and the tech giant saw strong earnings as it continues to invest in the watsonx platform.
IBM’s automation, data and AI, Red Hat and consulting revenues grew in Q3, while revenues from its infrastructure business were down.
Senior vice president and CFO James Kavanaugh said during the company’s Q3 earnings call on October 25 that IBM saw annual bookings up 14% this quarter as more clients adopted IBM’s hybrid cloud approach. The tech giant’s software business saw a 6% revenue increase and remains a “solid and growing recurring revenue base,” with 7% growth year-on-year and $6.3
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