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IBM reported third-quarter revenue that slightly exceeded Wall Street expectations, driven by steady demand for its software solutions and a stronger-than-expected mainframe business. Despite operating in a challenging macroeconomic environment, the company reiterated its annual revenue growth and free-cash-flow targets. ....
IT companies have warned of more pain as businesses striving to cut costs in the face of rising inflation snip tech budgets, hurting the industry that saw rapid growth during the COVID-19 pandemic when businesses rushed to adopt hybrid work. ....
The company's software and consulting businesses rose 6% and 8.2%, respectively, at constant currency in the first quarter, in line with IBM's targets. ....