Important Financial Indicators and Growth Initiatives from IBM's First Quarter Earnings
IBM's Q1 2024 Earnings Report:
International Business Machines Corporation (NYSE: IBM) this week reported mixed results for the first three months of fiscal 2024, with earnings beating and revenues missing analysts’ estimates.
Earnings Beat:
Revenues increased to $14.46 billion in the first quarter from $14.25 billion in the prior year period but fell short of expectations. Adjusted profit from continuing operations moved up to $1.68 per share in Q1 from $1.36 per share in the first quarter of 2023.
Growth Initiatives:
- The healthy cash position will allow the business to continue investing in cloud and AI capabilities.
- IBM plans to acquire infrastructure cloud company HashiCorp for $6.4 billion to create an end-to-end hybrid cloud platform.
IBM's CEO Arvind Krishna stated, HashiCorp is a great strategic addition to our portfolio, extending Red Hat's hybrid cloud capabilities to provide end-to-end automated infrastructure and security lifecycle management.
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