IBM has focused on streamlining its operations around software and services in recent years, divesting managed infrastructure, weather and health businesses. The Armonk, New York-based company said it will also cut a percentage of positions in the low single digits this year. And IBM has introduced new products to capitalize on growing interest in artificial intelligence (AI).
International Business Machines Corp. jumped the most in almost four years after delivering a positive outlook for revenue and cash flow in 2024, even as it expects to reduce jobs.
Free cash flow will be about US$12 billion in the year ending in December, the company said Wednesday in a statement. Analysts, on average, estimated US$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.
