NEW YORK (TheStreet) --Shares of IBM (IBM) are up by 1.94% to $154.87 in late morning trading on Thursday, as the company says 2014 has been a "breakthrough year" for its cloud business, Reuters reports.
IBM is looking to expand its number of data centers it offers clients across the world by 25%, in order to meet its increasing demand for Internet-based services.
Over the past 18 months IBM has quadrupled the number of cloud data facilities it offers around the world to 49, as it responded in part to laws requiring the local retention of data, and an increase in corporate compliance rules, Reuters added.
IBM announced on Wednesday that it has reached a deal with Equinix Inc., a data center provider, for nine more cloud centers, located in the U.S., The Netherlands, Japan, France, Australia, and Singapore, Reuters said.
The company is also opening its own three new cloud computer facilities in Japan, Mexico, and Germany.
"We have has a really good year. We would call it a breakthrough year in cloud," IBM's VP of its cloud computing business told Reuters.
Separately, TheStreet Ratings team rates INTL BUSINESS MACHINES CORP as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate INTL BUSINESS MACHINES CORP (IBM) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its notable return on equity, good cash flow from operations and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, generally higher debt management risk and a generally disappointing performance in the stock itself."