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

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

Revenue rose to $14.2 billion from $13.19 billion a year earlier, beating the $13.78 billion expected by analysts, according to FactSet. Results were driven by a 14% increase in hybrid cloud revenue, which straddles public clouds, private clouds and property-as-a-service.