The daily business briefing: July 19, 2018

IBM beats expectations thanks to growth in cybersecurity, Interior watchdog investigates Zinke role in land deal, and more

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1. IBM beats expectations as investments in new technology pay off

International Business Machines shares rose by about 2.5 percent in after-hours trading on Wednesday after the company reported second-quarter profit and revenue that beat expectations. IBM said its performance got a boost from growth in cybersecurity, cloud computing, and other higher-margin businesses. The company has been focusing on cloud computing, artificial intelligence, and other new technologies under CEO Ginni Rometty. Revenue from IBM's newer businesses grew by 15 percent to $10.1 billion over the quarter, more than half of IBM's revenue. Excluding one-time expenses and income items, IBM earned $3.08 per share, exceeding Wall Street's expectations of $3.04 per share.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.