IBM +18 to 192, a great day for "big blue".
briefing -
IBM beats by $0.08, reports revs in-line; guides to FY24 CC revs growth in mid-single digits (173.97 +0.04) :
Reports Q4 (Dec) earnings of $3.87 per share, excluding non-recurring items, $0.08 better than the FactSet Consensus of $3.79; revenues rose 4.1% year/year to $17.38 bln vs the $17.29 bln FactSet Consensus.
Software segment revs rose 3.1% yr/yr (+2.0% CC) to $7.5 bln.
Hybrid Platform & Solutions up 2% (+1% CC); Red Hat up 8% (+7% CC); Automation up 1% (flat CC); Data & AI up 1%; Security down -5% (-6?).
Transaction Processing up 5% (+4% CC).
Consulting segment revenue rose 5.8% yr/yr (+5.5% CC) to $5.0 bln.
Business Transformation up 6 percent, up 5 percent at constant currency.
Technology Consulting up 5 percent, up 4 percent at constant currency.
Application Operations up 7 percent, up 6 percent at constant currency.
Infrastructure segment revenue rose 2.7% yr/yr (+2.0% CC) to $4.6 bln.
Hybrid Infrastructure up 8 percent, up 7 percent at constant currency.
IBM zSystems up 8 percent -- Distributed Infrastructure up 8 percent, up 7 percent at constant currency.
Infrastructure Support down 9 percent.
2024 Outlook: Co expects constant currency revenue growth consistent with its mid-single digit model. Currency is expected to be about a one-point headwind to revenue growth.
Co guides to FY24 FCF about $12 bln.
