IBM increases revenue in the first quarter

IBM has announced its financial results for the January-March period.

Accordingly, the company's revenue in the first quarter of this year increased by 1 percent compared to the same period last year, reaching 14.5 billion dollars. IBM had generated 14.3 billion dollars in revenue in the first quarter of 2023.

The company's net profit also rose by 73 percent in the first quarter of the year compared to the same period last year, reaching 1.6 billion dollars. IBM's net profit was recorded at 927 million dollars in the first quarter of last year.

The company's earnings per share, which were 1.02 dollars in the first quarter of last year, were recorded at 1.75 dollars in the first quarter of this year.

IBM TO ACQUIRE HASHICORP

On the other hand, in a statement made by the company, it was announced that IBM intends to acquire the software company HashiCorp for 6.4 billion dollars in cash at 35 dollars per share, and it was reported that the acquisition is expected to be completed by the end of 2024.

In the statement, IBM CEO Arvind Krishna stated that they announced their intention to acquire HashiCorp to strengthen the company's position in the hybrid cloud and artificial intelligence-focused technology environment, emphasizing that the combination of the two companies' portfolios will help customers manage increasing application and infrastructure complexity and build a comprehensive hybrid cloud platform designed for the artificial intelligence era.

News Source: AA