Notably, Cloud revenues increased 10% to a record $7.5 billion in the fourth quarter. The company has been undergoing changes by shedding its legacy business to focus on the growing cloud business. Last October, IBM announced that it would spin off its managed-infrastructure business as a new publicly traded company in a tax-free deal for IBM shareholders. The separation is expected to be completed by the end of 2021. The move will allow IBM to be "laser-focused on the $1 trillion hybrid cloud opportunity." Though Amazon ( AMZN - Free Report ) and Microsoft ( MSFT - Free Report ) dominate the cloud market, the spin-off would help to revive fortunes at the 109-year-old company. IBM expects returning to sales growth in 2021, citing confidence in the sales rebound in the global business services unit and a weaker dollar (read: U.S. Dollar Sees First Drop Since 2017: ETFs & Stocks to Buy ).