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IBM withdraws its full-year 2020 financial guidance due to coronavirus

New York (CNN Business)IBM’s cloud division, one of its most important business units, had strong growth in the first three months of 2020, despite disruption caused by coronavirus. Krishna, who previously ran IBM’s cloud business, took over as chief executive of the company earlier this month, replacing Ginni Rometty. On Monday, IBM also withdrew its […]

The post IBM withdraws its full-year 2020 financial guidance due to coronavirus first appeared on Blockchain Consultants.

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New York (CNN Business)IBM’s cloud division, one of its most important business units, had strong growth in the first three months of 2020, despite disruption caused by coronavirus.

Overall, the company’s financial results for the three months ending in March were largely in line with Wall Street analysts’ expectations. IBM reported quarterly revenue of $17.6 billion, down 3.4% from the prior year, and earnings per share of $1.84, compared to analysts’ projections of $1.80 EPS. The company’s stock fell around 3.8% in after-hours trading.

“IBM remains focused on helping our clients adapt to the immediate challenges of the COVID-19 pandemic, while we continue to enable them to shift their mission-critical workloads to hybrid cloud and expand their use of AI to help transform their operations,” CEO Arvind Krishna said in a statement.

Krishna, who previously ran IBM’s cloud business, took over as chief executive of the company earlier this month, replacing Ginni Rometty.
On Monday, IBM also withdrew its full-year 2020 guidance because of uncertainty surrounding coronavirus. The company had been projecting full-year 2020 earnings per share of at least $13.35, according to its last earnings report.

“The company will reassess this position based on the clarity of the macroeconomic recovery at the end of the second quarter,” IBM said in its release.

The company has been making a big bet on cloud computing after its $34 billion acquisition of Red Hat in 2018. But it’s up against fierce competition from cloud industry leaders Amazon (AMZN) Web Services and Microsoft (MSFT) Azure.
Some analysts have wondered whether coronavirus could hurt the cloud industry in the short term, as companies have less money to spend on such services. However, Krishna told CNBC earlier this month that he believes the pandemic could actually accelerate companies’ adoption of technologies key to IBM’s success, including cloud computing and artificial intelligence, as companies are largely forced to manage their workforces from home.

“I believe that what we are going through today, with the shift to remote work, automation … will accelerate our client’s shift to hybrid cloud,” Krishna said on a call with Wall Street analysts Monday. “This gives me immense confidence in our future.”

CFO James Kavanaugh said on the call that in late February, IBM began to see a “notable change” in its clients’ priorities, particularly in its enterprise software business and in buying from clients in hard-hit industries such as retail and travel.

“There was effectively a pause as clients understandably dealt with their most pressing needs,” Kavanaugh said.

However, Kavanaugh stressed that IBM sees opportunities as clients consider more long-term shifts to remote working. He also said the company has ample liquidity and cash flow to continue investing in the business despite the disruption.

Executives on the call also detailed more immediate actions the company is taking to handle the pandemic, including managing costs, leveraging AI and blockchain capabilities in its supply chain and implementing safety provisions to maintain manufacturing capacity adequate to meet clients’ needs.

“Our recurring revenue stream, continued gross profit margin expansion and strong balance sheet and liquidity position remain stabilizing elements in an unprecedented business climate,” James Kavanaugh said in a statement.

And while the company’s growth has recently struggled to keep up with other dominant tech leaders such as Amazon, Apple and Google, coronavirus has presented an opportunity for IBM to flex its innovation muscle.
The company partnered with the White House to form a supercomputing consortium to accelerate coronavirus-related research and development. One of its supercomputers identified promising compounds to be tested as possible coronavirus treatments. It also created a coronavirus tracking feature in the Weather Channel app, which IBM owns.

Read more: https://www.cnn.com/2020/04/20/tech/ibm-earnings-cloud/index.html

Source: https://blockchainconsultants.io/ibm-withdraws-its-full-year-2020-financial-guidance-due-to-coronavirus/

Blockchain

Bitcoin dominance is an irrelevant metric unless…

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The volatile cryptocurrency market has given way to multiple metrics for the market observers to analyze and predict what’s coming next. One such metric has been Bitcoin dominance, but as per Su Zhu, it should not be relevant to you unless you are a billionaire.

How so?

The CEO of Three Arrows Capital opined this after noticing the trend of the newcomers avoiding Bitcoin and Ethereum and opting for risky crypto tokens. When the largest digital asset was stuck in a wider correction period, altcoins like Dogecoin [DOGE] grabbed much attention. This was possible due to the hype created by Tesla CEO or, self-proclaimed “doge-father,” Elon Musk and the Doge community.

However, understanding the newcomers’ enthusiasm Zhu opined that if he were to bet on projects now, he would choose Solana and Avalanche.

Despite the popularity of altcoins, the exec remained bullish on Bitcoin and Ethereum as he expected, the former to flip gold’s market cap, and the latter to eventually hit a value above $25,000. Bold predictions, but nothing we haven’t heard before.

However, newcomers were more bothered about the dominance metric but as data suggested, Bitcoin dominance has recently been falling. The dominance was hit earlier but recovered to form a peak at 49.25% on 30th July. But given the correction phase that followed, the dominance of BTC fell and was last noted to be at 40% on 10th September.

It is interesting to note that despite plenty of adoption related news such as that of El Salvador, coming in over the past few weeks, it looks like the dominance has remained unaffected by it.

Source: CoinMarketCap

Twitter user and crypto enthusiast, @HsakaTrades also noted that Bitcoin dominance was not a relevant metric for anyone who has a “sub mid 9fig portfolio]. Agreeing with Hasaka, Zhu added,

“To clarify, if you’re holding for 5+ yrs, you shouldn’t be thinking about btc dominance in the first place. And obv btc and eth have a strong place in that portfolio.

If you’re allocating actively atm, and think debating btc v eth v alts is a good framework, you’re ngmi.”

While this advice could stand true for experiences, long-term trader interested in making money, but not the ones looking out to invest in tech. This was especially highlighted in the comments wherein the crypto users were upset about the CEO’s Solana [SOL] recommendation that recently witnessed an outage.

Nevertheless, the trading advice and strategies differd from trader to trader and Zhu’s opinion to not focus on the BTC dominance, prebably stemmed from a hodlers perspective. While interesting projects were now erupting in the crypto space, it looks like Bitcoin’s dominance, not only in terms of price, but as a crypto project could be challenge.

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Source: https://ambcrypto.com/bitcoin-dominance-irrelevant-for-anyone-not-10figs

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Millions of Dollars Raised Through Solana’s DeFi Projects

Millions of Dollars Raised Through Solana's DeFi Projects

PAI, an algorithmic stablecoin, backs Parrot Protocol. Grape Protocol was the primary source of the downtime. Solana has been up

The post has appeared first on thenewscrypto.com

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  • PAI, an algorithmic stablecoin, backs Parrot Protocol.
  • Grape Protocol was the primary source of the downtime.

Solana has been up nearly 3200% since August. Investors’ interest in Ethereum rival systems featuring DeFi, NFT, and smart contract services has risen dramatically.

The software applications that simulate legal contracts are smart contracts. Once housed on a blockchain network, the software application will run automatically without human intervention.

This month, Solana’s DeFi initiatives raised millions of dollars. This is another proof of Solana’s potential to compete with Ethereum. Currently, Ethereum has the most DeFi and NFT projects.

Bots raced to invest in a token sale for Grape Protocol over flooded the blockchain, causing Solana to collapse for 17 hours on Tuesday. Let us take a look at the few IDO that helped raise millions.

Grape Protocol

Grape Protocol, the primary source of the downtime, managed to raise just $600,000 on Raydium’s “Acceleraytor.”

Tokenized communities may use Grape Network to connect to platforms like Discord, Telegram, and soon twitter to collaborate over Solana and reward members with crypto.

Parrot Protocol

Parrot Protocol is based on Solana. Investors in the Initial DEX offering included Sino Global Capital, Alameda Research, and QTUM VC. Moreover, to put it simply, Parrot is a non-custodial lending platform and decentralized exchange.

PAI, an algorithmic stablecoin, backs Parrot. Furthermore, Parrot offered a governance token called PRT in its IDO. Thus, allowing investors to vote on the protocol’s operation and farm yields on Solana without affecting other Layer 1 blockchains.

Solana’s failure impacted Parrot’s IDO, but it was resolved by Sept. 16. Moreover, the team said it would start working on PRT staking, NFTs, and adjustable interest rates in “Letter from the Parrot.”

Several Solana initiatives will be launched in the next day’s/weeks. Examples include Solanium, Boca Chica, and Solstarter. On Solanium, whitelisted users may buy MatrixETF.

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Source: https://thenewscrypto.com/millions-of-dollars-raised-through-solanas-defi-projects/

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Cosmos (ATOM) Lead Market-Wide Rally

Cosmos (ATOM) Lead Market-Wide Rally

Cosmos’ creators call it an “internet of blockchains.” ATOM also launched a bridge to Ethereum at the end of August.

The post has appeared first on thenewscrypto.com

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  • Cosmos’ creators call it an “internet of blockchains.”
  • ATOM also launched a bridge to Ethereum at the end of August.

Cosmos (ATOM) blew up 10.74 percent overnight to establish a new price of $39.58, according to CoinMarketCap. It surpassed $40 yesterday, reaching $40.76. Despite today’s minor decline, Cosmos’ price was still ten dollars more than seven days ago, and twenty dollars higher than this time last month.

Its creators call it an “internet of blockchains.” It’s an interoperability network that allows various blockchains to connect, exchange data, and interact with one another.

In short, Cosmos claims to address some of the “hardest problems” in the blockchain sector. It seeks to provide an alternative to “slow, costly, unscalable, and ecologically harmful” proof-of-work protocols like Bitcoin by connecting blockchains. On August 18, Cosmos rose 25% from $15 to $20 after the introduction of Emeris, a cross-chain DeFi interface.

It also launched a bridge to Ethereum at the end of August. The inter-blockchain communication protocol (IBC) allowed trade across the Cosmos and Ethereum networks for the first time, along with the integration of Sifchain.

Cosmos Might Soon Over Take FTX Token

Cosmos is “Blockchain 3.0” — thus, as previously said, ease of usage is a significant objective. To this aim, the Cosmos SDK emphasizes modularity. This enables a network to be created quickly using existing code. Long term, it is anticipated that sophisticated applications would be simple to build.

Cosmos now has the twenty-first largest market value, but at this pace, it would only take $0.8 billion to flip FTX Token and make a bold entry into the top twenty.

Some in the crypto sector, much worried about the amount of fragmentation in blockchain networks. There are hundreds, yet few can converse. Cosmos wants to change this by making it feasible.

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Source: https://thenewscrypto.com/cosmos-atom-lead-market-wide-rally/

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