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IBM Corp | ARS: Annual Report to Security Holders

SEC announcement ·  Mar 11 06:11
Summary by Moomoo AI
In 2023, IBM Corp (IBM) made significant progress in its transformation, focusing on hybrid cloud and AI technologies. The company refined its strategy, expanded partnerships, and enhanced productivity, leading to a revenue of $61.9 billion, a 3% increase at constant currency, and $11.2 billion of free cash flow, up $1.9 billion year-over-year. IBM's flagship AI and data platform, watsonx, saw growing demand, contributing to a doubled book of business for watsonx and generative AI from Q3 to Q4. Software revenues grew over 5%, driven by Red Hat and advanced software capabilities. Consulting revenues increased by 6%, capitalizing on digital transformation and AI deployment expertise. However, Infrastructure revenues decreased by 4% due to product cycle dynamics, despite IBM z16 outperforming previous cycles. IBM's investments in research and development...Show More
In 2023, IBM Corp (IBM) made significant progress in its transformation, focusing on hybrid cloud and AI technologies. The company refined its strategy, expanded partnerships, and enhanced productivity, leading to a revenue of $61.9 billion, a 3% increase at constant currency, and $11.2 billion of free cash flow, up $1.9 billion year-over-year. IBM's flagship AI and data platform, watsonx, saw growing demand, contributing to a doubled book of business for watsonx and generative AI from Q3 to Q4. Software revenues grew over 5%, driven by Red Hat and advanced software capabilities. Consulting revenues increased by 6%, capitalizing on digital transformation and AI deployment expertise. However, Infrastructure revenues decreased by 4% due to product cycle dynamics, despite IBM z16 outperforming previous cycles. IBM's investments in research and development, acquisitions, and shareholder returns totaled nearly $18 billion. The company's strategic acquisitions in 2023, including Apptio, Inc., enhanced its hybrid cloud and AI capabilities. IBM also announced plans to acquire StreamSets and webMethods from Software AG for approximately €2.13 billion, expected to close in mid-2024. The company's divestiture of The Weather Company assets to Francisco Partners for $1,100 million closed in January 2024, with a pre-tax gain of approximately $240 million. IBM's stock is listed on the New York Stock Exchange under the symbol 'IBM'.

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