International Business Machines (NYSE: IBM) released its fourth-quarter results after the close of trading Wednesday, delivering numbers for the period that beat analysts' estimates. Management also provided an optimistic outlook for revenue and cash flow in 2024. In response, investors cheered, sending shares of IBM more than higher 10% as of 10 a.m. ET Thursday.
IBM is one of the original tech giants, and the company in recent years has evolved toward a focus on providing software and services to large corporate customers. The strategy paid off in the most recent quarter.
IBM earned $3.87 per share in Q4 on revenue of $17.4 billion, beating the consensus estimates of $3.78 per share on revenue of $17.3 billion. Revenue was up 4% year over year, led by 6% consulting revenue growth.
Source Fool.com