IBM beats by $0.08, reports revs in-line; reaffirms FY23 outlook for CC revs and FCF (137.17 -0.63)
- Reports Q3 (Sep) earnings of $2.20 per share, excluding non-recurring items, $0.08 better than the FactSet Consensus of $2.12; revenues rose 4.6% year/year to $14.75 bln vs the $14.73 bln FactSet Consensus.
- Software revenue up 8 percent, up 6 percent at constant currency.
- Consulting revenue up 6 percent, up 5 percent at constant currency.
- Infrastructure revenue down 2 percent, down 3 percent at constant currency.
- FY23 Outlook: Co reaffirms CC revenue growth of 3-5%, which is not comparable to consensus, which is not CC. At current foreign exchange rates, currency is expected to be about a one-point headwind to revenue growth. Co reaffirms FY23 guidance for FCF at about $10.5 bln