"The actions we are taking to focus on hybrid cloud and AI will take hold, giving us confidence we can achieve revenue growth in 2021.”
“Our clients see the value of IBM’s hybrid cloud platform, based on open technologies, at a time of unprecedented business disruption."
CFO Tarek Robbiati attributed the revenue decline primarily to supply chain disruption, which resulted in “significantly higher” levels of backlog.
“The company’s cloud business hasn’t been able to make up for declining sales in its services, hardware, and financing businesses."
The big data storage provider still sells mostly hardware but positions itself as a key player in a "hybrid cloud" world.
The new finance chief is leveraging his technology experience at IBM to further a business transition by the open-source software provider.
The company believes Azure Stack will give it an advantage over Amazon and Google in hybrid cloud computing.
Moving to the cloud takes some investment as well as a total revamp of an organization's IT budget.
