IBM on Wednesday evening reported a 9% increase in net operating profit (non-GAAP) to $3.6 billion for the final quarter of 2023, or $3.87 per share (+8%), with an adjusted pre-tax margin improving by 1.1 points to 24%.

The IT services giant's sales rose by 4% to $17.4 billion on a reported basis, and by 3% at constant exchange rates, with growth driven in particular by the consulting segment (+5%).

Customer demand for AI is accelerating, and our backlog for Watsonx and generative AI almost doubled between the third and fourth quarters", says CEO Arvind Krishna.

"Based on the strength of our portfolio and our experience in innovation, we expect revenue performance for 2024 to be in line with our mid-single-digit range model, and around $12 billion in free cash flow", he continues.

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