Company news: IBM Corp. (IBM) posts mixed quarterly results

IBM (IBM) reported Q3 FY2024 earnings of $2.30 per share (versus $2.20 per share in Q3 FY2023), beating analysts’ consensus estimate of $2.22 per share.

The company’s quarterly revenues amounted to $14.968 bln (+1.5% y/y), slightly missing analysts’ consensus estimate of $15.078 bln.

The company also guided to Q4 FY2024 constant currency (CC) revenue growth being consistent with Q3 FY2024 (not comparable to analysts’ consensus estimates), with continued strength in Software, and reaffirmed FY2024 free cash flow (FCF) guidance of "more than $12 billion," driven by continued expansion of its operating margins.

IBM fell to $220.80 (-5.13%) in pre-market trading.

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