IBM revenue exceeds expectations

IBM has announced its financial results for the October-December 2023 period.

According to the report, IBM's revenue in the final quarter of last year rose by 4 percent compared to the same period the previous year, reaching 17.4 billion dollars.

Market expectations were for the company's revenue to reach 17.2 billion dollars in the fourth quarter. IBM's revenue was recorded at 16.7 billion dollars in the same period of 2022.

The company's software revenue increased by 3 percent, consulting revenue by 6 percent, and infrastructure revenue by 3 percent.

IBM's total revenue for the full year 2023 increased by 2 percent compared to the previous year, reaching 61.9 billion dollars.

The company's net profit also rose by 21 percent year-on-year in the fourth quarter of 2023, reaching 3.3 billion dollars. IBM had reported a net profit of 2.7 billion dollars in the fourth quarter of the previous year.

IBM's total profit for the entire last year increased by 358 percent compared to 2022, rising to 7.5 billion dollars.

While the company reported a net profit of 2.96 dollars per share in the fourth quarter of the previous year, its net profit per share in the same quarter last year was 3.55 dollars.

IBM's earnings per share for 2023 were recorded at 8.14 dollars.

ARTIFICIAL INTELLIGENCE REVENUE DOUBLED

In the statement, IBM CEO Arvind Krishna pointed out that they increased revenue across all segments in the fourth quarter, stating, "Client demand for artificial intelligence is accelerating."

Providing information that IBM's business in this area with its commercial cloud-based generative artificial intelligence and scientific data platform "watsonx" roughly doubled in the last quarter of last year compared to the previous quarter, Krishna noted that revenue growth for the year was in line with their expectations.

Krishna also stated that they exceeded their free cash flow target and announced that they expect solid revenue performance and approximately 12 billion dollars in free cash flow for 2024.

News Source: AA