IBM (IBM) - Get Report disappointed, reporting earnings of $2.07 a share on revenue of $20.4 billion. The company had been expected to report income of $1.81 a share, on sales of $20.7 billion, according to FactSet.
IBM Chairman and CEO Arvind Krishna said in a statement that the company anticipates boosting sales this year. "We made progress in 2020 growing our hybrid cloud platform as the foundation for our clients digital transformations while dealing with the broader uncertainty of the macro environment," Krishna said in the statement. "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."
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