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IBM shares are down more than 3% so far this year. They were down 0.7% in late trading.
The company reported adjusted earnings of $2.18 a share on revenue of $15.48 billion. Analysts expected earnings of $2.02 a share on revenue of $15.58B. Revenue was down 0.4% from last year.
Software revenue rose 7%, while consulting revenue was up 4% and infrastructure revenue was down 15%.
IBM said it continues to expect full year 2023 constant currency revenue growth of 3% to 5%. At current foreign exchange rates, currency is expected to be neutral to revenue growth.
“Organizations are using our hybrid cloud and AI technology, and our consulting capabilities, to transform their operations,” said CEO Arvind Krishna. “We continue to respond to the needs of our clients who seek trusted, enterprise AI solutions, and we are particularly excited about the response to the recently launched watsonx AI platform. Finally, we remain confident in our revenue and free cash flow growth expectations for the full year.”
