IBM expects to exceed annual revenue target on resilient cloud momentum

IBM Corp beat quarterly earnings estimates on Wednesday and said it expects to exceed full-year revenue growth targets as robust demand for the company’s digital services helps cushion the blow from a strong dollar.

The IT software and services provider has been focusing on the so-called “hybrid cloud” after spinning off its legacy IT-managed infrastructure business, and posted double-digit growth across all its segments and geographies on a constant-currency basis in the third quarter.

IBM’s shares rose 4.4% in extended trading.

The company’s stock is proving to be a good place to hide in the current market turmoil, mainly due to IBM’s revenue diversification, Haris Anwar, senior analyst at Investing.com, said.