International Business Machines Corp. increased sales more than 6% in 2022, the biggest sales increase for Big Blue in more than a decade, but its stock fell...
International Business Machines Corp. increased sales more than 6% in 2022, the biggest sales increase for Big Blue in more than a decade, but its stock fell slightly Wednesday.
IBM IBM reported fourth-quarter earnings of $2.71 billion, or $3.13 a share, on revenue of $16.7 billion, in line with about $16.7 billion in the same quarter a year ago. After adjusting for acquisition- and retirement-related costs and other charges, IBM reported earnings of $3.60 a share, up from adjusted earnings of $3.35 a share in last year’s holiday quarter.
IBM was able to grow revenue largely because it posted its smallest sales total since 1987 last year, after it spun out its managed-infrastructure services business known as Kyndryl Holdings Inc. KD in late 2021. After topping $60 billion in 2022 sales, IBM executives projected revenue growth in the mid-single digits in 2023 Wednesday.
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