IBM reported its first quarter of revenue growth in more than five years as the company ramps up its cloud computing business and looks for new opportunities from its investments in artificial intelligence.
"Over the past several years we have invested aggressively in technology and our people to reposition IBM," James Kavanaugh, IBM's new chief financial officer, said after the company reported its fourth-quarter earnings.
The company still reported a quarterly loss of US$1.05 billion, reflecting a $5.5bn charge associated with recent tax legislation. IBM reported a $4.5bn profit in the same period a year earlier.
The technology and consulting company posted revenue of $22.54bn in the period, which topped Wall Street forecasts. Six analysts surveyed by Zacks expected $21.96bn.
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For the year, the company reported profit of $5.75bn, or $6.14 per share, down from $11.87bn, or $12.38 a share, in 2016. Annual revenue for 2017 was $79.14bn.
On a per-share basis, the Armonk, New York-based company said it had a quarterly loss of $1.14. Adjusted for pretax expenses and non-recurring costs, IBM reported a quarterly profit of $5.18 per share.
The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for an adjusted profit of $5.17 per share.
IBM shares have risen 10 per cent since the beginning of the year, while the Standard & Poor's 500 index has increased about 5 per cent.
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2.30pm Handicap Dh120,000 1,950m
3pm Handicap Dh105,000 1,600m
3.30pm Jebel Ali Classic Conditions Dh300,000 1,400m
4pm Maiden Dh75,000 1,600m
4.30pm Conditions Dh250,000 1,400m
5pm Maiden Dh75,000 1,600m
5.30pm Handicap Dh85,000 1,000m
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2.30pm Conclusion
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UAE currency: the story behind the money in your pockets
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Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
Rating: 3/5
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
