Baidu beat Wall Street estimates for the first quarter of 2021, reporting a 25% bump in revenue of about $4.38 billion during an earnings call on Tuesday. IBES data from Refinitiv predicted a revenue of about $4.2 billion for Q1, according to Reuters, but the company has invested heavily in artificial intelligence and its cloud business, leading to a 70% year-on-year growth of its non-advertising revenue. Herman Yu, CFO of Baidu, said during an earnings call that Baidu Core saw revenue growth of 34% year over year and that the company continues to "invest heavily in sales, R&D and operations to support the rapid growth of our AI-powered business." The company has faced pressure in recent years from major rivals like Alibaba and ByteDance, forcing them to expand beyond advertising revenue and diversify with more projects in cloud services, smart transport technology, and artificial intelligence. Despite the increasing competition, Baidu still brought in $2.48 billion in online marketing revenue, a 27% jump year-over-year.
IBM said it will acquire Turbonomic, a company focused on application resource and network performance management, in the company's 11th hybrid cloud and AI acquisition since CEO Arvind Krishna took over. Turbonomic move comes after IBM's recent purchase of business automation company myInvenio. For IBM, the Turbonomic purchase will bolster its AIOps business. Turbonomic's platform uses AI to monitor and manage containers, virtual machines, databases, servers and storage. IBM will use Turbonomic's platform for observability across cloud infrastructure, optimization tools and AIOps.
Here's a look at how the cloud leaders stack up, the hybrid market, and the SaaS players that run your company as well as their latest strategic moves. IBM said it will acquire process mining company myInvenio as it aims to automate more business processes. Terms of the deal weren't disclosed. IBM and myInvenio, based in Reggio Emilia, Italy, launched a partnership in November. According to IBM, myInvenio can use its platform to find the best business processes to automate with AI.
In the latest quarter, revenue fell 6.5% to $20.37 billion, missing analysts' projections, according to FactSet. Shares fell 6.8% in after-hours trading. IBM's stock closed at $131.65 on Thursday, down 5.4% over the past year. IBM, which had suspended financial projections last year over uncertainty about the pandemic's business impact, said Thursday that it expects revenue to grow this year and anticipates $11 billion to $12 billion in adjusted free cash flow for the year and $12 billion to $13 billion in 2022. "The actions we are taking to focus on hybrid cloud and [artificial intelligence] will take hold, giving us confidence we can achieve revenue growth in 2021," Mr. Krishna.
Here's a look at how the cloud leaders stack up, the hybrid market, and the SaaS players that run your company as well as their latest strategic moves. IBM's fourth quarter revenue fell 6% from a year ago, but the company said it expects to return to growth in 2021. The company's earnings report was a mixed bag. IBM reported non-GAAP earnings of $2.07 a share and $1.41 a share under generally accepted accounting practices. However, IBM's fourth quarter revenue was down 6% to $20.4 billion.
President Donald Trump said Saturday he has approved a deal in principle in which Oracle and Walmart will partner with the viral video-sharing app TikTok in the U.S., allowing the popular app to avoid a shutdown. "I have given the deal my blessing -- if they get it done that's great, if they don't that's okay too," Trump told reporters on the White House South Lawn before departing for North Carolina. "I approved the deal in concept." The U.S. Department of Commerce announced it would delay the prohibition of U.S. transactions with TikTok until next Sunday. Shortly after Trump's comments, Oracle announced it was chosen as TikTok's secure cloud provider and will become a minority investor with a 12.5% stake.
IBM published second quarter financial results on Monday, reporting its second straight quarter of revenue declines despite beating expectations. The business technology giant delivered non-GAAP EPS of $2.18 on revenue of $18.1 billion, down 5.4% year-over-year. Analysts were expecting earnings of $2.07 per share on revenue of $17.72 billion. IBM said total cloud revenue was $6.3 billion for the quarter, up 30%. Broken down further, IBM said cloud and cognitive software revenue -- which includes Red Hat as well as Cognitive Applications and Transaction Processing Platforms -- was up 3% to $5.7 billion.
BERLIN, Nov 21 (Reuters) - German data mining software firm Celonis said on Thursday that it had raised $290 mln in a Series C funding round, putting a $2.5 billion valuation on the company that has been compared with enterprise application giant SAP . The funding round was led by Arena Holdings and investors included Ryan Smith, the founder of customer experience specialist Qualtrics that was bought by SAP for $8 billion a year ago. Celonis, based in Munich and New York, runs a cloud-based service that uses artificial intelligence to mine data and optimise business processes, serving customers including Siemens, 3M, Airbus and Vodafone. "We are in a market that shows enormous momentum," co-CEO and co-founder Bastian Nominacher told Reuters, adding that Celonis would invest the funds raised in its global sales and customer service and in enhancing its cloud platform. The funding round brings total investments into Celonis to $370 million.
Aran Khanna, Nikhil Khanna, and Daniel Christianto know a lot about the complexity of cloud computing, having worked for industry leaders such as Amazon Web Services and Microsoft Azure. Now the entrepreneurs are using their knowledge and expertise to help other companies save money on cloud-related costs. The three co-founders head up Reserved.AI, a Seattle startup that just raised $3.3 million to fuel growth. Amplify Partners and Pioneer Square Labs invested in the round. Founded less than a year ago, Reserved.AI already has more than 20 customers who use its software to automate cost management of their AWS cloud spend.
And so, after eight years spent leading one of the world's oldest and most famous technology businesses, IBM's CEO Ginni Rometty will step down in April. Stepping up to the CEO role is Arvind Krishna, who currently serves as the senior VP for the company's cloud and cognitive software unit. When the news came out on Thursday, IBM's shares jumped as much as 5%. Fingers can easily be pointed at Rometty's mixed legacy: during her tenure, the company's stock price dropped over 25% and while the company has been keen to trumpet its artificial intelligence work (in the form of IBM Watson) and its reinvention as a cloud company (thanks to Red Hat) there is still plenty of work to do if IBM is to every approach its former glories. Sure, the latest earnings published by IBM earlier this month beat Q4 expectations.