IBM surprised with revenues of $17.1 billion in the quarter

IBM reported strong third-quarter results with revenues of $17.1 billion, growth of 6%, and earnings per share of $2.95. The software segment led with a 9% surge. The company raised its annual cash flow forecast.

Technology giant IBM reported strong third-quarter results, beating analyst expectations. The company reported revenues of $17.1 billion, a 6% increase compared to the same period last year, and an 11% rise in earnings per share to $2.95. The main growth driver was the software segment, whose revenues jumped 9% to $7.8 billion. The hybrid cloud division also showed 11% growth. The infrastructure segment contributed with a 5% revenue increase to $3.7 billion, and the consulting segment recorded moderate growth of 2% to $5.3 billion. The transaction processing segment recovered with 10% growth. CEO Arvind Krishna noted that the results reinforce strategic choices. Following the performance, IBM raised its annual free cash flow forecast but maintained its annual revenue forecast in the range of 4% to 5%.