International Business Machines Corporation reported on Wednesday that its revenue in the third quarter of its fiscal 2023 amounted to $14.8 billion, a figure 4.6% higher compared to the same timeframe a year earlier.
In the three months that ended on September 30, 2023, diluted earnings per share improved to $1.86 from losses per share of $3.55 documented 12 months ago. Gross profit was up 8% year over year to $8 billion and net income increased to $1.7 billion after a net loss of $3.2 billion from the third trimester of 2022.
"Clients are increasingly adopting our watsonx AI and data platform along with our hybrid cloud solutions to unlock productivity and operational efficiency. This is helping drive solid growth in our software and consulting businesses. As a result, we remain confident in our revenue and free cash flow growth expectations for the full year," IBM chairman and CEO Arvind Krishna noted. Company shares gained 1.65% in extended trading after the report was released.
