IBM beats profit estimates as software business surges, shares rise

Quick Summary:

IBM surpassed analysts' estimates for fourth-quarter profit on Wednesday, driven by demand in its high-margin software unit as businesses ramped up IT spending, sending its shares soaring about 10 per cent in extended trading.

"DeepSeek was an initiation that open (source) AI can play a role in the overall GenAI space," IBM Chief Financial Officer James Kavanaugh told Reuters in an interview.

Companies have focused spending on longer-term consulting deals, centered around integrating AI in their businesses, which is yet to be reflected in IBM's revenue.

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Category: EconomyBusiness

Markets: SingaporeSpain

Topics: Quarter Revenue Models Billion Software Cent Analysts Segment Spending Business Deepseek

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-01-30 @ 05:12:26 (1 days ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 467 words

Reading Time: 3 minutes read

Sentences: 18 lines

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