IBM exceeds revenue estimates, though sales are about the same as a year earlier
reported earlier on the cuts, citing comments from finance chief Jim Kavanaugh. IBM also said it expects to record a first-quarter charge of $300 million tied the spinoff of Kyndryl, its managed infrastructure business, and the divestiture last year of its Watson health-care unit.
IBM's software segment posted $7.29 billion, which works out to nearly 3% growth and above the $7.12 billion consensus among analysts polled by StreetAccount. The company picked up $4.77 billion in revenue from consulting, up 0.5% and slightly lower than the $4.8 billion consensus from StreetAccount. IBM's infrastructure segment generated $4.48 billion, up almost 2% and more than the $4.18 billion StreetAccount consensus. Revenue from IBM's Z Systems line of mainframe computers jumped 16% after the Z16 modelWith respect to guidance, IBM called for 2023 revenue growth in constant currency and around $10.5 billion in free cash flow. In 2021, IBM announced a goal of delivering $35 billion in free cash flow between 2022 and 2024, and in 2022 free cash flow totaled $9.29 billion.
During the quarter, IBM revealed a plan to invest $20 billion in New York's Hudson Valley area over the course of a decade. The company also announced a
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