IBM revenue up 8% on continued momentum in hybrid cloud business

International Business Machines Corp. reported a stronger-than-expected 8% revenue increase in the first quarter on continued momentum of its hybrid cloud platform, a key focus of the technology company’s transformation.

Revenue rose to $14.2 billion from $13.19 billion last year, beating analysts’ expectations of $13.78 billion, according to FactSet. Results were boosted by a 14 percent increase in revenue from hybrid cloud, which includes public clouds, private clouds, and as-a-service properties.