IBM earnings Q3 2024 [Video]

IBM shares moved 3% lower in extended trading on Wednesday after the hardware, software and consulting provider fell short of Wall Street’s revenue expectations for the third quarter.

Here’s how the company did in comparison with LSEG’s consensus:

• Earnings per share: $2.30 adjusted vs. $2.23 expected
• Revenue: $14.97 billion vs. $15.07 billion expected

IBM’s overall revenue increased 1.5% year over year, according to a statement. It had a net loss of $330 million, or 36 cents per share, compared with net income of $1.70 billion, or $1.84 per share, in the year-ago quarter. IBM swung to a loss after a one-time pension settlement charge tied to an agreement with Prudential.

For the fourth quarter, management sees revenue growth at constant currency that’s in line with the third quarter. Revenue grew 2% at constant currency in the third quarter. IBM reiterated its target of over $12 billion in 2024 free cash flow, having brought in $6.59 billion for the …