IBM’s First Quarter 2024 Financial Results Show Positive Growth
International Business Machines (NYSE:IBM) reported its First Quarter 2024 Results, with key financial metrics showing positive growth. Revenue increased by 1.5% from the first quarter of 2023, reaching US$14.5 billion. Net income also saw a significant increase of 69% from the same period last year, totaling US$1.57 billion. The company’s profit margin improved to 11%, up from 6.6% in the first quarter of 2023, primarily due to lower expenses. Earnings per share (EPS) rose to US$1.72, compared to US$1.03 in the first quarter of 2023.
In comparison to analyst estimates, IBM’s revenue aligned with expectations, while EPS exceeded forecasts by 32%. Looking ahead, the company is projected to achieve an average annual revenue growth of 3.9% over the next three years, contrasting with a 9.3% growth forecast for the IT industry in the United States.
While IBM’s financial performance is positive, it’s important for investors to consider potential risks associated with their investments, including those specific to IBM as highlighted by two warning signs identified in their operations. Feedback and concerns regarding this information can be directed to the editorial team at Simply Wall St.
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