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IBM Beats Estimates for Its Q3 2023 Revenue, Stock Jumps 1%

Oct 26, 2023 - coinspeaker.com
IBM Corp reported a Q3 2023 revenue of $6.27 billion, an 8% increase, beating Wall Street estimates. The company's net income reached $1.70 billion, a significant improvement from the net loss of $3.20 billion reported in the same quarter the previous year. However, IBM's Consulting division fell short of projections, with a revenue of $4.96 billion, a 6% increase, but below the projected $5.11 billion.

The company reaffirmed its full-year guidance, expecting a revenue growth of 3% to 5% and $10.5 billion in free cash flow. IBM also introduced Granite, a set of generative AI models, announced its support for AI startup Hugging Face, and completed the acquisition of Apptio, a cloud cost management tools provider.

Key takeaways:

  • IBM's Software unit delivered $6.27 billion in revenue, an 8% increase, in Q3 2023, beating Wall Street estimates.
  • The company's net income for the period was $1.70 billion, a significant improvement from the net loss of $3.20 billion reported in the same quarter the previous year.
  • IBM's Consulting division achieved $4.96 billion in revenue in Q3 2023, marking a growth of around 6%, though falling short of StreetAccount’s consensus.
  • IBM reaffirmed their full-year guidance, which includes anticipated revenue growth at constant currency ranging from 3% to 5%, along with expectations of $10.5 billion in free cash flow.
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