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IBM Corp | 8-K: IBM Provides Update to Management System and Reporting Segments

SEC announcement · Feb 26 06:10

IBM -1.05%

Summary by Moomoo AI

On February 26, 2024, IBM Corp announced an update to its reporting segments effective in the first quarter of 2024. The update includes the realignment of The Weather Company assets, following its divestiture on January 31, 2024, from the Software segment to Other – divested businesses. Additionally, Security Services will move from the Software segment to the Consulting segment to better leverage the consulting business's scale and market opportunities. IBM also revealed that stock-based compensation and net interest expense allocations, previously included in reportable segments, will be removed to enhance transparency of segment profitability and comparability with industry peers. These changes will be reflected in IBM's reported results from the first quarter of 2024, with recast financials for 2022 and 2023 expected by the end of March. The adjustments are consistent with IBM's strategic focus on its hybrid cloud and AI strategy and provide investors with more relevant information. The company's January earnings call had already incorporated the divestiture of The Weather Company assets into the 2024 expectations.

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Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more

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