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

The company now expects revenue growth this year at the high end of its mid-single-digit forecast in constant currency. Incremental sales to Kyndryl Holdings Inc., the IT services business that IBM spun off last year, are expected to add 3.5 percentage points to 2022 revenue, it said.

IBM’s stock closed Tuesday 2.4% higher at $129.15 and gained 1.5% in recent after-hours trading.

IBM Revenue Up 8% on Continued Momentum in Hybrid Cloud Business – WSJ