International Business Machines Corporation (IBM) revealed on Wednesday that its revenue in the first quarter of its fiscal 2025 amounted to $14.5 billion, edging up 1% compared to the same period a year ago.
In the first trimester, year over year, net income and diluted earnings per share slid 33% and 34%, coming in at $1.1 billion and $1.12, respectively. Second-quarter revenue is expected to be between $16.4 billion and $16.8 billion.
"We exceeded expectations for revenue, profitability and free cash flow in the quarter, led by strength across our Software portfolio. There continues to be strong demand for generative AI and our book of business stands at more than $6 billion inception-to-date, up more than $1 billion in the quarter. We remain bullish on the long-term growth opportunities for technology and the global economy," CEO Arvind Krishna stated.
The company's stock fell 1.66% in the after-hours trade following the release of the report.