NextGen Day

In the fourth quarter of 2022, IBM’s net income increased 17% to $2.7 billion, according to the financial results statement that was made public on Wednesday.

The international tech company with headquarters in the US reported a net income of USD 2.3 billion between October and December of 2021.

Its overall revenue stayed nearly flat at USD16.7 billion.

According to the business, revenue from software increased by 3% and revenue from infrastructure increased by 2% in the fourth quarter.

The total sales for the entire year of 2022 increased by 5% to USD60.5 billion from USD57.3 billion the year before, but net income fell by 72% to USD1.6 billion from USD5.7 billion.

For 2022, the company reported hybrid cloud sales of USD 22.4 billion, an increase of 11% over the previous year.

Arvind Krishna, chairman, and CEO of IBM, claimed that hybrid cloud and AI solutions are a differentiating factor in the present corporate landscape.

The stock price of IBM, which closed Wednesday at USD140.76 a share, fell 2% in after-hours trading on the New York Stock Exchange to USD37.90 per share as its net income plunged 72 percent year over year.

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