International Business Machines Corporation (IBM) revealed on Wednesday that its revenue rose 1% year on year to $17.6 billion during the closing quarter of fiscal 2024. Diluted earnings per share were $3.11, falling by 12% in comparison to the same period in 2023.
Gross profit was up by 1.6% year-on-year to reach $10.4 billion, while net income came in at $2.9 million, dropping by 11% on an annual basis. For the full fiscal year, the company's revenue grew by 1.4% to $62.7 billion, while its diluted earnings per share plummeted 21% to $6.42 apiece.
"Our generative AI book of business now stands at more than $5 billion inception-to-date, up nearly $2 billion quarter over quarter," CEO Arvind Krishna said.
The company's stock jumped 10.91% in the after-hours trading to sell at $253.58 apiece after the results topped analysts' expectations.
