IBM forecasts annual revenue growth above estimates on AI adoption rush
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'Big blue is back': IBM shares surge on strong results, accelerating AI adoption
January 24, 2024 4:21 PM EST(Updated - January 25, 2024 10:12 AM EST)
Shares of IBM (NYSE: IBM) jumped over 11% Thursday after the enterprise software maker reported better-than-expected earnings per share (EPS) and revenue for Q4.
The company posted a fourth-quarter EPS of $3.87, beating the consensus projection of $3.77. Revenue came in at $17.38 billion, while analysts were looking for $17.23 billion.
Of that, $7.51 billion was software revenue, up 3.1% year-over-year, though below the Wall Street expectations of $7.69 billion. Consulting segment revenue stood at $5.05 billion, up 5.8% from a year earlier, and compared to $5.11 billion expected by analysts.
IBM generated $4.6 billion... More
