IBM Sees Strong 2024 Free Cash Flow, Plans Job Cuts

Bloomberg01-25

(Bloomberg) -- International Business Machines Corp. delivered a positive outlook for revenue and cash flow in 2024, an optimistic signal for the pace of corporate technology spending, and announced ...

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Trump Races Toward 2024 Biden Rematch After New Hampshire Win. Apple Dials Back Car’s Self-Driving Features and Delays Launch to 2028. Ackman Ramps Up Israel Support With Stake in Tel Aviv Bourse. Billionaire Joe Lewis Pleads Guilty in Insider Trading Case. Free cash flow will be about $12 billion in the year ending in December, the Armonk, New York-based company said Wednesday in a statement. Analysts, on average, estimated $10.9 billion, according to data compiled by Bloomberg. Revenue will grow in the “mid-single digits,” the company said. Analysts projected about 3% sales growth.Fourth-quarter sales gained 4.1% to $17.4 billion. Profit, excluding some items, was $3.87 a ","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","LU0061474960.USD":"天利环球焦点基金AU Acc","LU0308772762.SGD":"Blackrock Global Allocation A2 SGD-H","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","LU0321505868.SGD":"Schroder ISF Global Dividend Maximiser A Dis SGD","BK4077":"互动媒体与服务","LU0128525689.USD":"TEMPLETON GLOBAL BALANCED \"A\"(USD) ACC","BK4550":"红杉资本持仓","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","BK4134":"信息科技咨询与其它服务","LU0061474705.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN \"AU\" (USD) ACC","BK4561":"索罗斯持仓","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU1691799644.USD":"Amundi Funds Polen Capital Global Growth A2 (C) USD","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","BK4548":"巴美列捷福持仓","LU0211327993.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (USD) ACC","BK4514":"搜索引擎","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","LU0029864427.USD":"TEMPLETON GLOBAL \"A\" (USD) INC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU0557290698.USD":"施罗德环球可持续增长基金","BK4554":"元宇宙及AR概念","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","BK4553":"喜马拉雅资本持仓","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU0238689110.USD":"贝莱德环球动力股票基金","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","BK4585":"ETF&股票定投概念","LU0052756011.USD":"TEMPLETON GLOBAL BALANCED \"A\" (USD) INC","BK4576":"AR","LU0072462426.USD":"贝莱德全球配置 A2","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU0079474960.USD":"联博美国增长基金A","BK4566":"资本集团","LU0056508442.USD":"贝莱德世界科技基金A2"},"translate_title":"IBM预计2024年自由现金流强劲，计划裁员","themeId":"c0d77e622a6742cf8335299f8317b4b4","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{},"content_text":"(Bloomberg) -- International Business Machines Corp. delivered a positive outlook for revenue and cash flow in 2024, an optimistic signal for the pace of corporate technology spending, and announced it expects to reduce jobs by a percentage in the low single digits.IBM shares jumped 8% on the news.Free cash flow will be about $12 billion in the year ending in December, the Armonk, New York-based company said Wednesday in a statement. Analysts, on average, estimated $10.9 billion, according to data compiled by Bloomberg. Revenue will grow in the “mid-single digits,” the company said. Analysts projected about 3% sales growth.IBM has focused on streamlining its operations around software and services in recent years, divesting managed infrastructure, weather and health businesses. The company also has introduced new products to capitalize on growing interest in artificial intelligence.“Client demand for AI is accelerating and our book of business for watsonx and generative AI roughly doubled from the third to the fourth quarter,” Chief Executive Officer Arvind Krishna said in the statement, referring to the company’s AI platform.IBM’s planned job cuts follow similar announcements in January by major tech companies, including Alphabet Inc.’s Google and Amazon.com Inc. Chief Financial Officer James Kavanaugh said IBM will likely spend the same amount on restructuring as it did last year — $400 million — when it reduced its workforce by about 3,900 jobs. Kavanaugh said, however, that the company continues to hire for certain positions and expects headcount to be about the same at year’s end. IBM had 288,000 employees at the end of 2023.Shares gained about 3% in extended trading after closing at $173.93 in New York. The stock has increased 23% in the past 12 months.Fourth-quarter sales gained 4.1% to $17.4 billion. Profit, excluding some items, was $3.87 a share. Analysts, on average, estimated revenue of $17.3 billion and adjusted earnings of $3.76 a share.Consulting revenue increased 6% to $5 billion, just shy of analyst estimates of $5.1 billion. Investors have focused on weakness in this business unit in recent quarters as economic uncertainty weighed on customer appetites for large projects.Software also came in just below expectations — $7.5 billion in the quarter ended Dec. 31, compared with $7.7 billion projected. Red Hat, the software division IBM acquired in 2019, posted sales growth of 8%, another comparatively slow period for a business that once regularly jumped more than 20% each quarter.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":2,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2406607470"}