IBM makes a killing in Russia, but after that nasty business in WW2 where a “rogue IBM division” provided tech support and machines for the death camps, Big Blue has been a bit iffy about dealing with dictators with territorial and genocidal ambitions.

Big Blue said that Russia equates to less than "half a percent" of total revenue last year, Chief Financial Officer James Kavanaugh said, but added IBM expects a $200 million hit to 2022 profit.

Total revenue rose eight per cent  to $14.20 billion in the first quarter, beating estimates of $13.85 billion according to Refinitiv data. Adjusted profit of $1.40 per share also topped expectations of $1.38.

IBM has bet on high-growth software and consulting businesses with a focus on the so-called "hybrid cloud".Cloud revenue jumped 14 per cent  to $5 billion during the reported quarter.

The century-old company said it expects to hit the higher end of its mid-single-digit revenue growth forecast for this year, with the growth expected to come from the consulting business.

Analysts on average expect annual revenue of $60.69 billion, implying a year-on-year rise of 5.8 per cent.