In the fourth quarter, IBM outperformed Wall Street projections and announced its biggest annual revenue growth in ten years as more companies sought to streamline their processes and cut expenses amid the economic slump.
In constant currency terms, the IT software and consultancy firm also projected yearly revenue growth in the mid-single digits, which was lower than the 12 percent it forecasted for 2022 but in keeping with mid-term goals stated in 2021.
Analysts have expressed doubts about IBM’s ability to deliver on that given the unstable macroeconomic environment.
Following a boom during the epidemic when businesses splurged on digitising their processes, Big Blue’s predicted anticipated reduced growth.
In the fourth quarter, IBM outperformed Wall Street projections and announced its biggest annual revenue growth in ten years as more companies sought to streamline their processes and cut expenses amid the economic slump.
In constant currency terms, the IT software and consultancy firm also projected yearly revenue growth in the mid-single digits, which was lower than the 12 percent it forecasted for 2022 but in keeping with mid-term goals stated in 2021.
Analysts have expressed doubts about IBM’s ability to deliver on that given the unstable macroeconomic environment.
Following a boom during the epidemic when businesses splurged on digitising their processes, Big Blue’s predicted anticipated reduced growth.
During the fourth quarter, it suffered a forex loss of more than $1 billion dollars.
According to Refinitiv statistics, total revenue growth in the three months ending December 31 was flat at US$16.69 billion compared to analysts’ projections of US$16.40 billion.