IBM reported first quarter results for 2024, with total revenue of $14.462 billion, a 1% increase from the same quarter in the previous year. The net profit was $1.605 billion and free cash flow stood at $1.910 billion.
CEO Arvind Krishna emphasized that the performance in the first quarter reflected the strength in the Hybrid Cloud and AI business, as customers increasingly demand AI for their organizations. The outlook remains positive for both WatsonX and Generative AI.
Revenue from the software business increased by 5% to $5.899 billion, while revenue from Consulting remained stable at $5.186 billion, and Infrastructure revenue decreased by 1% to $3.076 billion.
IBM also announced the acquisition of HashiCorp for $6.4 billion to enhance its Hybrid Cloud platform and support growth in the era of AI.
TLDR: IBM’s first quarter results for 2024 showed positive growth in revenue, net profit, and free cash flow, driven by strong performance in the Hybrid Cloud and AI business. The company also announced the acquisition of HashiCorp to further support its Hybrid Cloud platform.
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