Summary by Moomoo AI
IBM Corp has filed a Form 8-K report with the SEC, detailing its first-quarter 2024 earnings presentation held on April 24, 2024. The report includes prepared remarks from Chairman and CEO Arvind Krishna and CFO Jim Kavanaugh, highlighting a solid performance across revenue and cash flow. IBM announced its agreement to acquire HashiCorp for $6.4 billion, a strategic move to enhance its hybrid cloud and AI capabilities. The acquisition is expected to close by the end of 2024, subject to customary closing conditions. IBM's Q1 revenue grew by 3% at constant currency, with Software segment growing by 6%, Consulting up by 2%, and Infrastructure segment showing strong hardware demand. The company generated $1.9 billion in free cash flow, a $600 million increase from the previous year. IBM remains on track to deliver about $12 billion in free cash flow for the full year, driven primarily by growth in Adjusted EBITDA. The company maintains its full-year 2024 outlook for mid-single digit revenue growth and about $12 billion in free cash flow.