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IBM Corp | 8-K: Fourth Quarter 2023 Results

SEC announcement ·  Jan 25 05:16
Summary by Futu AI
IBM Corp released its fourth-quarter earnings report on January 24, 2024, showcasing revenue growth across all segments and exceeding its free cash flow objectives for the year ended December 31, 2023. The company reported a 4% year-over-year increase in quarterly revenue to $17.4 billion, with significant contributions from its hybrid cloud and AI offerings. IBM's full-year revenue rose to $61.9 billion, marking a 2% increase, with software and consulting revenues each growing by 5%. The company's infrastructure revenue, however, saw a decline. IBM's gross profit margin improved, with a GAAP gross profit margin of 59.1% for the quarter, up 1.4 points, and a full-year GAAP gross profit margin of 55.4%, also up 1.4 points. Pre-tax income margins saw an increase as well, with a...Show More
IBM Corp released its fourth-quarter earnings report on January 24, 2024, showcasing revenue growth across all segments and exceeding its free cash flow objectives for the year ended December 31, 2023. The company reported a 4% year-over-year increase in quarterly revenue to $17.4 billion, with significant contributions from its hybrid cloud and AI offerings. IBM's full-year revenue rose to $61.9 billion, marking a 2% increase, with software and consulting revenues each growing by 5%. The company's infrastructure revenue, however, saw a decline. IBM's gross profit margin improved, with a GAAP gross profit margin of 59.1% for the quarter, up 1.4 points, and a full-year GAAP gross profit margin of 55.4%, also up 1.4 points. Pre-tax income margins saw an increase as well, with a GAAP pre-tax income margin of 21.6% for the quarter and 14.0% for the full year. IBM generated $13.9 billion in net cash from operating activities, an increase of $3.5 billion from the previous year, and achieved a free cash flow of $11.2 billion, up $1.9 billion. The company ended the quarter with $13.5 billion in cash and marketable securities. Looking ahead to 2024, IBM expects revenue growth consistent with its mid-single digit model and anticipates approximately $12 billion in free cash flow.

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