IBM

International Business Machines Corp. reported a stronger-than-expected 8% revenue increase in the first quarter on continued momentum in its hybrid cloud platform, a key focus of the tech company’s transformation.

Under the agreement, IBM will acquire McD Tech Labs, which has been working to develop, test and deploy an automated ordering system using artificial intelligence-enabled voice recognition.

IBM on Wednesday missed market estimates for quarterly revenue as its managed infrastructure business suffered from a decline in orders ahead of a spinoff next month, sending its shares down in extended trading.

IBM announced Friday that Jim Whitehurst is no longer president of the company after 14 months at the helm, but will stay on as a senior advisor to the executive leadership team.

IBM will offer telecom operators Verizon and Telefonica new services ranging from running 5G over a cloud platform to using artificial intelligence, the U.S. technology company said on Monday.