SEC not to recommend action against IBM on cloud revenue

Mon Jun 2, 2014 6:18pm EDT

Visitors walk past the IBM booth at the 9th China International Software Product & Information Service Expo in Nanjing, Jiangsu province September 6, 2013.  REUTERS/China Daily

Visitors walk past the IBM booth at the 9th China International Software Product & Information Service Expo in Nanjing, Jiangsu province September 6, 2013.

Credit: Reuters/China Daily

(Reuters) - The U.S. Securities and Exchange Commission has completed its probe on how International Business Machines Corp reports revenue from its cloud computing business and does not intend to recommend any enforcement action, the company said.

The company did not provide details or reasons for the investigation.

The company said last July that it was facing an investigation from the Division of Enforcement of the SEC as to how it reported its cloud computing business revenue.

IBM reported $4.4 billion in revenue from its cloud computing business in 2013.

IBM shares closed at $185.69 on the New York Stock Exchange on Monday.

(Reporting by Rohit T. K. in Bangalore)

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