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IBM Corp | 8-K: Fourth Quarter 2023 Results

SEC announcement · Jan 24 16:16

IBM +0.16%

Summary by Moomoo AI

IBM Corp released its fourth-quarter earnings report on January 24, 2024, showcasing revenue growth across all segments and exceeding its free cash flow objectives for the year ended December 31, 2023. The company reported a 4% year-over-year increase in quarterly revenue to $17.4 billion, with significant contributions from its hybrid cloud and AI offerings. IBM's full-year revenue rose to $61.9 billion, marking a 2% increase, with software and consulting revenues each growing by 5%. The company's infrastructure revenue, however, saw a decline. IBM's gross profit margin improved, with a GAAP gross profit margin of 59.1% for the quarter, up 1.4 points, and a full-year GAAP gross profit margin of 55.4%, also up 1.4 points. Pre-tax income margins saw an increase as well, with a GAAP pre-tax income margin of 21.6% for the quarter and 14.0% for the full year. IBM generated $13.9 billion in net cash from operating activities, an increase of $3.5 billion from the previous year, and achieved a free cash flow of $11.2 billion, up $1.9 billion. The company ended the quarter with $13.5 billion in cash and marketable securities. Looking ahead to 2024, IBM expects revenue growth consistent with its mid-single digit model and anticipates approximately $12 billion in free cash flow.

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The moomoo app is an online trading platform offered by Moomoo Technologies Inc. Securities, brokerage products and related services available through the moomoo app are offered by including but not limited to the following brokerage firms: Moomoo Financial Inc. regulated by the U.S. Securities and Exchange Commission (SEC), Moomoo Financial Singapore Pte. Ltd. regulated by the Monetary Authority of Singapore (MAS), Futu Securities International (Hong Kong) Limited regulated by the Securities and Futures Commission of Hong Kong (SFC), Moomoo Financial Canada Inc. regulated by the Canadian Investment Regulatory Organization (CIRO) and Futu Securities (Australia) Ltd regulated by the Australian Securities and Investments Commission (ASIC).

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