IBM Corp announced its first-quarter financial results for 2024 on April 24, revealing a revenue increase and strong performance in software sales. The company reported a 1% year-over-year revenue growth to $14.5 billion, with software revenue up by 5% and a significant gross margin expansion. IBM's net income saw a substantial rise of 69% to $1.6 billion, with diluted earnings per share increasing by 66% to $1.69. The company also declared a strategic acquisition of HashiCorp, Inc. at $35 per share, amounting to an enterprise value of $6.4 billion, aiming to enhance its hybrid cloud platform for the AI era. The acquisition is expected to close by the end of 2024, subject to customary closing conditions and approvals. IBM's cash flow remained strong, with net cash from...Show More

IBM Corp announced its first-quarter financial results for 2024 on April 24, revealing a revenue increase and strong performance in software sales. The company reported a 1% year-over-year revenue growth to $14.5 billion, with software revenue up by 5% and a significant gross margin expansion. IBM's net income saw a substantial rise of 69% to $1.6 billion, with diluted earnings per share increasing by 66% to $1.69. The company also declared a strategic acquisition of HashiCorp, Inc. at $35 per share, amounting to an enterprise value of $6.4 billion, aiming to enhance its hybrid cloud platform for the AI era. The acquisition is expected to close by the end of 2024, subject to customary closing conditions and approvals. IBM's cash flow remained strong, with net cash from operating activities at $4.2 billion, up $0.4 billion from the previous year, and free cash flow at $1.9 billion, an increase of $0.6 billion. The company's chairman and CEO, Arvind Krishna, expressed confidence in the ongoing demand for enterprise AI and the company's hybrid cloud strategy. IBM continues to project a mid-single digit revenue growth model and anticipates approximately $12 billion in free cash flow for the full year of 2024.