From Financial Modeling Prep: 2024-10-24 11:23:00

International Business Machines (NYSE:IBM) beat analyst expectations with third-quarter earnings of $2.30 per share, but missed revenue estimates, causing a 6% drop in shares. Revenue of $15 billion was slightly below the expected $15.04 billion, with a 1% increase year-over-year. Software segment revenue grew 9.7%, while Infrastructure segment revenue fell 7%.

IBM’s Red Hat business drove a 14% growth in the Software segment, reaching $6.5 billion in revenue. However, the Infrastructure segment struggled, with revenue declining 7% to $3 billion.

Despite the revenue miss, IBM reaffirmed its full-year 2024 outlook, expecting constant currency revenue growth in line with its mid-single-digit model. The company also raised its free cash flow guidance, anticipating it to exceed $12 billion for the year.



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