International Business Machines Corporation (IBM) announced on Wednesday its revenue in the third quarter of the fiscal year 2024 rose by 1% compared to the same period a year prior to reach $15 billion.
In the three months that ended on September 30, the company reported a diluted loss per share of $0.34, compared to the diluted earnings per share of $1.86 registered in the same timeframe a year earlier. Meanwhile, its gross profit climbed by 5% year-over-year to stand at $8.4 billion in the reported period.
"Our third-quarter performance was led by double-digit growth in Software, including a re-acceleration in Red Hat. We continue to see great momentum in AI as our models are trusted, fit-for-purpose, and lower cost, with performance leadership. Our generative AI book of business now stands at more than $3 billion, up more than $1 billion quarter to quarter," IBM CEO Arvind Krishna commented. Following the release of the report, the company's shares declined by 4.58% in after-hours trading.
