IBM raises annual software revenue outlook as deal delays ease

What happened: IBM raised its annual software revenue growth forecast after delayed software deals began to close, and reported third-quarter earnings above expectations. Key numbers: Software growth outlook now about 7 to 8 per cent, up from 6 to 8 per cent. Why it matters: The lifted forecast follows a quarter in which CEO Arvind Krishna said IBM had "faltered" on a shift in customer spending, which triggered its steepest one-day share drop in over a century. About 25 per cent of transaction processing revenue came from deals deferred from the second quarter. Coverage: 3 outlets in 24h

IBM raised its annual software revenue growth forecast after delayed software deals began to close, and reported third-quarter earnings above expectations.

The lifted forecast follows a quarter in which CEO Arvind Krishna said IBM had "faltered" on a shift in customer spending, which triggered its steepest one-day share drop in over a century. About 25 per cent of transaction processing revenue came from deals deferred from the second quarter.