IBM said its revenue for Q1 2024 was $14.5 billion, with total revenue up 1.5% as reported and 3% adjusted for currency from the prior-year period. Software revenue rose 5.5% as reported.

1. 01

   IBM said its revenue for Q1 2024 was $14.5 billion, with total revenue up 1.5% as reported and 3% adjusted for currency from the prior-year period. Software revenue rose 5.5% as reported.

2. 02

   The company said income from continuing operations for Q1 2024 was $1.6 billion, and diluted earnings per share were $1.69. It attributed the $502 million benefit from continuing operations income taxes mainly to the resolution of certain tax audit matters.

3. 03

   The company said gross margin for Q1 was 53.5%, up 0.8 points from the prior-year quarter. Pre-tax income for Q1 included a gain of $241 million on the sale of The Weather Company assets and workforce rebalancing charges of about $375 million.

4. 04

   IBM said it generated $4.2 billion of cash from operating activities and $1.9 billion of free cash flow in Q1, and paid $1.5 billion in dividends. It also issued $5.5 billion of debt in Q1. The company said debt stood at $59.5 billion as of December 31, 2023, up $3.0 billion from March 31, 2024.

Key figures

Quarter ended March 31, 2024

Revenue

$14.5B

Net income

$1.6B

EPS

$1.72

Gross profit

$7.7B

Operating cash flow

$4.2B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.