April 19 Reuters IBM expects to hit the top end of its revenue growth forecast for 2022, the company said on Tuesday, even as it flagged a 300 million knock to revenue from the suspension of its business in Russia.

Servers from IBM, Dell Technologies Inc and Hewlett Packard Enterprise Co dominate the market in Russia. IBM suspended its operations in March following Moscow39;s invasion of Ukraine.

The impact from 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 8 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.

The fact that IT giant IBM came in with good numbers despite the Ukraine crisis and Netflix39;s negative results sets an encouraging tone for enterprise software and tech companies reporting next week, said Dan Morgan, senior portfolio manager at Synovus Trust. 

Shares of the company were up 3 in extended trading.

Having shed its large and laggard ITmanaged infrastructure business last year, IBM has bet on highgrowth software and consulting businesses with a focus on the socalled hybrid cloud.

Cloud revenue jumped 14 to 5 billion during the reported quarter.

The centuryold company said it expects to hit the higher end of its midsingledigit revenue growth forecast for this year, with the growth…