Despite a disappointing outlook for 2015, IBM CFO Martin Schroeter said Wednesday the company's latest earnings report reflects its fast-growing cloud business.
"We saw a $7 billion cloud business for us last year growing at 60 percent," he said on CNBC's "Squawk Box." "For us, that's a pretty big growth number on a pretty substantial business."
Schroeter added that the growth rate puts the company "at the forefront of cloud service providers. We see a lot of signs that the business is on the right trajectory and our strategy is really paying off."
He spoke a day after IBM posted earnings of $5.81 per share, 40 cents higher than expected, but the company's stock dropped because of a disappointing 2015 outlook. It was down more than 2 percent Wednesday morning. (Click here for the latest price.)
Big Blue also disappointed investors last year by being the worst-performing stock in the Dow Jones 30 Index. Nevertheless, Schroeter said, IBM's future looks bright. "We feel very good about how we're starting the year," he said. "We've got about $25 billion in revenue in our strategic imperatives, and the rest of the business in total is still delivering very high value."