IBM beats profit estimates as software business surges, shares rise

Jan 29 (Reuters) - IBM (IBM.N) surpassed analysts' estimates for fourth-quarter profit on Wednesday, driven by demand in its high-margin software unit as businesses ramped up IT spending, sending its shares soaring about 10% in extended trading. The company's software segment recorded its biggest revenue jump in five years, as customers prioritized spending on cloud infrastructure amid a rush to adopt the data-intensive generative artificial intelligence technology. IBM's AI Book of Business — a combination of bookings and actual sales across various products — stood at more than $5 billion...