See IBM Reports 2017 Fourth-Quarter and Full-Year Results (IBM newsroom) for cloudy accounting details such as "Cloud revenue over the last 12 months was $17.0 billion, including $9.3 billion delivered as-a-service and $7.8 billion for hardware, software and services to enable IBM clients to implement comprehensive cloud solutions" and creative "cognitive" categorization, e.g., "Cognitive Solutions (includes solutions software and transaction processing software)"
"In a statement, Ms. Rometty noted the strong growth in the new businesses, which IBM collectively calls “strategic imperatives” and now represent 46 percent of the company’s revenue. “We are pleased with our overall revenue growth in the quarter,” she said. Company executives said they expected revenue growth to continue throughout 2018.
In after-hours trading, IBM shares fell 3.5 percent. The company’s shares had risen nearly 10 percent this year, and some investors were apparently expecting stronger results."IBM Ends 22-Quarter Streak of Falling Revenue - The New York Times
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