IBM delivered a mixed earnings report for its fourth quarter. The bright spot was cloud computing revenues. The company said that its annual as-a-service revenues are at a $10.3 billion run rate, which is better than expected. CFO James Kavanaugh said, “In 2018, we’ll maintain a high level of investment. This is important as we continue to build out capabilities in AI, in cloud, in security and in Blockchain, just to name a few.”
For the quarter, IBM’s overall performance beat expectations, as the company generated $2.5 billion in revenue, compared to Wall Street estimates of $2.06 billion.
For the year, the company’s overall revenues declined slightly from $79.92 billion in 2016 to $79.1 billion in 2017. It has now experienced seven straight years of revenue declines.