February 1, 2023

After-Hours Alert: Why IBM Stock Is Moving

International Business Machines Corp IBM shares are volatile in Wednesday’s after-hours session after the company reported financial results.

What Happened: IBM reported fourth-quarter revenue of $16.69 billion, which beat average analyst estimates of $16.4 billion, according to Benzinga Pro. The company said its top-line results were flat on a year-over-year basis.

IBM reported fourth-quarter adjusted earnings of $3.60 per share, which was in line with consensus estimates.

“Our solid fourth-quarter performance capped a year in which we grew revenue above our mid-single digit model. Clients in all geographies increasingly embraced our hybrid cloud and AI solutions as technology remains a differentiating force in today’s business environment,” said Arvind Krishna, chairman and CEO of IBM.

“Looking ahead to 2023, we expect full-year revenue growth consistent with our mid-single digit model,” Krishna added.

IBM also expects consolidated free cash flow to increase by about $1 billion in 2023 to $10.5 billion. 

IBM will hold a conference call to discuss its fourth-quarter results at 5 p.m ET.

See Also: What’s Going On With Lam Research Stock After Hours?

IBM Price Action: IBM has a 52-week high of $153.21 and a 52-week low of $115.54.

The stock was up 0.22% in after hours at $141 at the time of writing, according to Benzinga Pro.

Photo: courtesy of IBM.

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