Benzinga - International Business Machines Corp (NYSE: 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.
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.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Read the original article on Benzinga
Should you invest $2,000 in IBM right now?
Before you buy stock in IBM, consider this: ProPicks AI are 6 easy-to-follow model portfolios created by Investing.com for building wealth by identifying winning stocks and letting them run. Over 150,000 paying members trust ProPicks to find new stocks to buy – driven by AI. The ProPicks AI algorithm has just identified the best stocks for investors to buy now. The stocks that made the cut could produce enormous returns in the coming years. Is IBM one of them?
Reveal Undervalued Stocks Now