IBM Releases Q4 2022 Earnings Results
ARMONK, N.Y., Jan. 26, 2023 -- IBM has announced fourth-quarter 2022 earnings results.
"Our solid fourth-quarter performance capped a year in which we grew revenue above our mid-single digit model. Clients in all geographies increasingly embraced our hybrid cloud and AI solutions as technology remains a differentiating force in today's business environment," said Arvind Krishna, IBM chairman and chief executive officer. "Looking ahead to 2023, we expect full-year revenue growth consistent with our mid-single digit model."
- Revenue of $16.7 billion, flat, up 6 percent at constant currency.
- Software revenue up 3 percent, up 8 percent at constant currency.
- Consulting revenue up 0.5 percent, up 9 percent at constant currency.
- Infrastructure revenue up 2 percent, up 7 percent at constant currency.
- Revenue of $60.5 billion, up 6 percent, up 12 percent at constant currency (about 4 points from sales to Kyndryl).
- Hybrid cloud revenue of $22.4 billion, up 11 percent, up 17 percent at constant currency.
- On a consolidated basis, net cash from operating activities of $10.4 billion; free cash flow of $9.3 billion.
Full-Year 2023 Expectations
The company expects constant currency revenue growth consistent with its mid-single digit model and about $10.5 billion in consolidated free cash flow, up more than $1 billion year to year.
"IBM's revenue growth and operating profit in 2022 demonstrate the strength and multiplier effect of our platform-centric approach to hybrid cloud and AI," said James Kavanaugh, IBM senior vice president and chief financial officer. "Our client-focused portfolio and strong recurring revenue stream position IBM well for continued growth, solid cash generation and returning value to shareholders through dividends."
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