IBM jumps to near 10-year high after Q4
Earnings at Big Blue came in at $3.87 per share, 10 cents higher than forecast. Revenue reached $17.38Bln. IBM also forecast full-year revenue growth above market expectations.
(AI Video Summary)
IBM stocks
IBM stock experienced a significant boost in value towards the end of the trading day on tastylive. This upward trend continued after regular trading hours due to impressive earnings and sales figures from the company. IBM's earnings, which came in at $3.87 per share, exceeded expectations by 10 cents. Additionally, the company generated $7.38 billion in revenue. What's more, IBM projected a higher revenue growth that surpassed market expectations, forecasting a growth rate of four to six percent by 2024, compared to a predicted three percent growth by Wall Street.
IBM incorporated artificial intelligence
Investors were particularly thrilled to learn that IBM incorporated artificial intelligence (AI) into their conference call. The company's AI-focused offerings recorded noteworthy sales and bookings in the fourth quarter, nearly doubling from the previous quarter. This positive development propelled the company's stock price to exceed previous highs set in February 2017, reaching a level not seen in a decade, specifically since October 2014.
Despite IBM's impressive performance, they announced plans to lay off some employees by 2024. However, the company also revealed intentions to create more job opportunities centered around AI. As trading is set to commence on Wall Street today, experts anticipate gains of approximately seven to eight percent based on the promising earnings report released the previous night.
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