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Mar 31, 2023
IBM Q1 2023 Earnings Report
IBM's revenue was slightly up, driven by software and consulting growth, with strong gross profit margin expansion.
Key Takeaways
IBM released its first-quarter 2023 earnings, reporting a revenue of $14.3 billion, a 0.4% increase year-over-year (4.4% at constant currency). The company's performance was driven by growth in software and consulting, while infrastructure revenue declined. IBM reaffirmed its revenue and free cash flow growth expectations for the year.
Revenue reached $14.3 billion, up 0.4% (4.4% at constant currency).
Software revenue increased by 3% (6% at constant currency).
Consulting revenue grew by 3% (8% at constant currency).
Free cash flow was $1.3 billion, up $0.1 billion year-over-year.
IBM
IBM
IBM Revenue by Segment
Revenue by Segment
Financing Revenue
CapyFin.com Forward Guidance
IBM expects constant currency revenue growth of 3% to 5% and free cash flow of about $10.5 billion for full year 2023.
Positive Outlook
- The company expects constant currency revenue growth of three percent to five percent.
- Currency is expected to be neutral to revenue growth at current foreign exchange rates.
- The company continues to expect about $10.5 billion in free cash flow.
- Expected free cash flow is up more than $1 billion year to year.