IBM reported its fourth quarter performance for the year 2024 with a total revenue of $17.553 billion, showing a 1% increase from the same period the previous year. The company also recorded a net profit of $2.915 billion.
Arvind Krishna, CEO of IBM, stated that the company’s software business saw significant growth driven by Red Hat. Additionally, IBM’s services are being utilized globally to transition organizations into the era of AI, leading to the company’s Generative AI business generating over $5 billion in revenue.
The software business segment of IBM generated a revenue of $7.924 billion in the past quarter, marking a 10.4% increase. In contrast, the consulting business saw a revenue of $5.175 billion, a decrease of 2.0%, and Infrastructure revenue amounted to $4.256 billion, declining by 7.6%.
Source: IBM
TLDR: IBM’s fourth-quarter results for 2024 showed growth in software revenue, driven by Red Hat, while services are aiding in the transition to AI-led organizations. Consulting and Infrastructure segments saw a decrease in revenue.
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