IBM reports net operating profit (non-GAAP) up 25% to $1.6 billion for Q1 2024, representing adjusted EPS of $1.68 per share (+24%), with adjusted pre-tax margin improving by 1.3 points to 11.5%.

The IT services giant's sales rose by 1% to $14.5 billion on a reported basis, and by 3% at constant exchange rates, with growth driven in particular by the Software segment (+5%).

FCF reached $1.9 billion, up $0.6 billion on Q1 last year.

' We started the year with solid growth in revenues and free cash flow, reflecting the strength of our hybrid cloud and AI strategy. We continue to capitalize on our customers' enthusiasm and demand for enterprise AI,' said Arvind Krishna, IBM's chairman and CEO.

In addition, IBM announced that it has entered into a definitive agreement to acquire HashiCorp, a leading multi-cloud infrastructure automation company, for $35 per share, or $6.4 billion.

The stock is currently down nearly 9% in New York.


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