IBM Reports Strong Third Quarter Revenue and Profit
IBM, the IT software and consultancy services provider, has announced its third-quarter revenue and profit that exceeded expectations. The company’s stable demand for software solutions has contributed to this success. Shares of IBM rose by 2% following the announcement. Despite the challenging macroeconomic environment, IBM’s finance chief, James Kavanaugh, stated that the company has gained market share in consulting deals. Additionally, IBM reported significant sales and bookings in artificial intelligence (AI), with notable clients including Ernst & Young and Truist Bank. The company remains optimistic about its annual revenue growth and free-cash-flow generation. Revenue at its software segment also saw an increase of nearly 8%, excluding the impact of a strong dollar. Overall, IBM’s third-quarter revenue reached $14.8 billion, beating estimates, while its adjusted quarterly profit per share amounted to $2.20, surpassing expectations. The company’s ability to adapt to market needs in the AI and cloud segments has been praised by analysts.
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