IBM stock slips on disappointing consulting and infrastructure revenue
Publishing timestamp: 2024-10-23 20:11:57
Summary
IBM's software business performed well, but consulting and infrastructure units fell short on revenue. IBM sees fourth-quarter revenue growth in line with the third quarter. Shares fell 3% in extended trading after missing revenue expectations. IBM's overall revenue increased 1.5% year over year, with a net loss due to a one-time pension settlement charge. The company reiterated its target of more than $12 billion in free cash flow by 2024. Revenue from software and Red Hat grew, while consulting and infrastructure revenue declined. IBM is expanding its network of Oracle product consultants and completed several acquisitions and sales. IBM shares have risen 43% this year, outperforming the S&P 500 index.
Sentiment: MIXED
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Source: https://www.cnbc.com/2024/10/23/ibm-earnings-q3-2024.html