IBM Q3 2024 Earnings Show Strong Revenue Growth and Profit Adjustments
IBM's Performance in Q3 2024
International Business Machines Corporation (NYSE: IBM) reported impressive earnings for the third quarter of 2024 amidst a challenging economic backdrop. The company's revenues totaled $15.0 billion, reflecting a marked increase from the previous year's $14.75 billion. Adjusted earnings from continuing operations rose to $2.30 per share, exceeding last year’s $2.20.
Financial Highlights
- Third-quarter revenues: $15.0 billion
- Adjusted earnings per share: $2.30
- Prior year revenues: $14.75 billion
Despite these positive adjustments, IBM also reported a net loss of $330 million or $0.36 per share on an unadjusted basis, contrasting sharply with a profit of $1.70 billion or $1.84 per share from the same quarter last year.
Market Implications
This earnings report comes amid a fierce competitive landscape where technology firms like Amazon, Microsoft, and Google continue to dominate the cloud computing and software services sectors. IBM's ongoing transformation and emphasis on hybrid cloud and AI-driven solutions are seen as pivotal for future profitability.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.