IBM's Q3 2023 Earnings Exceed Expectations with Strong Software Sales
IBM reported third-quarter results that beat Wall Street estimates, with earnings per share of $2.20 and revenue of $14.75 billion. The company's overall revenue grew 4.6% YoY, driven by an 8% increase in software sales. However, the consulting division's revenue fell short of expectations due to cost reduction pressures and a stronger US dollar. IBM's management reiterated guidance for the full year, including revenue growth between 3% and 5% and $10.5 billion in free cash flow. The company also announced the release of new AI models and acquisitions in the AI and cloud cost management sectors.