IBM Q1 2022 Earnings Report
Key Takeaways
IBM reported first-quarter 2022 revenue of $14.2 billion, up 8 percent year-over-year (11 percent at constant currency). The growth was driven by strong performance in Software and Consulting, fueled by demand for hybrid cloud and AI solutions. The company now expects revenue growth for 2022 at the high end of its model.
Revenue reached $14.2 billion, reflecting an 8% increase (11% at constant currency), with over 5 points attributed to incremental sales to Kyndryl.
Software revenue increased by 12% (15% at constant currency), with over 8 points from incremental sales to Kyndryl.
Consulting revenue grew by 13% (17% at constant currency).
Free cash flow was $1.2 billion.
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IBM Revenue by Segment
Forward Guidance
IBM expects constant currency revenue growth at the high end of the mid-single digit range and anticipates a 3.5 point contribution from incremental sales to Kyndryl. The company continues to expect $10 billion to $10.5 billion in consolidated free cash flow. Currency is expected to be a three to four point headwind.