IBM Rallies Most in Four Years on Rosy Outlook for 2024
- Client demand for AI is accelerating, CEO Krishna says
- Fourth-quarter revenue, profit top analysts’ estimates
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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 $12 billion in the year ending in December, the company said Wednesday in a statement. Analysts, on average, estimated $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.