ARMONK, N.Y., Jan. 25, 2023 /PRNewswire/ -- IBM (NYSE: IBM) today announced fourth-quarter 2022 earnings results.
"Our solid fourth-quarter performance capped a year in which we grew revenue above our mid-single digit model. Clients in all geographies increasingly embraced our hybrid cloud and AI solutions as technology remains a differentiating force in today's business environment," said Arvind Krishna, IBM chairman and chief executive officer. "Looking ahead to 2023, we expect full-year revenue growth consistent with our mid-single digit model."
Fourth-Quarter Highlights
- Revenue of $16.7 billion, flat, up 6 percent at constant currency - Software revenue up 3 percent, up 8 percent at constant currency- Consulting revenue up 0.5 percent, up 9 percent at constant currency- Infrastructure revenue up 2 percent, up 7 percent at constant currency
Full-Year Highlights
- Revenue of $60.5 billion, up 6 percent, up 12 percent at constant currency (about 4 points from sales to Kyndryl)- Hybrid cloud revenue of $22.4 billion, up 11 percent, up 17 percent at constant currency
- On a consolidated basis, net cash from operating activities of $10.4 billion; free cash flow of $9.3 billion
Full-Year 2023 Expectations
- The company expects constant currency revenue growth consistent with its mid-single digit model and about $10.5 billion in consolidated free cash flow, up more than $1 billion year to year