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."
Fourth-Quarter Highlights
- 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.
Full-Year Highlights
- 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."
To continue reading IBM's Q4 results, please click here.
Source: IBM
