Home Just In IBM Hybrid Cloud and AI offerings Drive Growth in Software and Consulting

IBM Hybrid Cloud and AI offerings Drive Growth in Software and Consulting

by CIO AXIS

IBM has announced first-quarter 2022 earnings results.

“Demand for hybrid cloud and AI drove growth in both Software and Consulting in the first quarter. Today we’re a more focused business and our results reflect the execution of our strategy,” said Arvind Krishna, IBM chairman and chief executive officer. “We are off to a solid start for the year, and we now see revenue growth for 2022 at the high end of our model.”

First-Quarter Highlights
• Revenue
– Revenue of $14.2 billion, up 8 percent, up 11 percent at constant currency (over 5 points from incremental sales to Kyndryl)
– Software revenue up 12 percent, up 15 percent at constant currency (over 8 points from incremental sales to Kyndryl)
– Consulting revenue up 13 percent, up 17 percent at constant currency
– Infrastructure revenue down 2 percent, flat at constant currency (over 8 points from incremental sales to Kyndryl)

• – Hybrid cloud revenue:
— First Quarter: $5.0 billion, up 14 percent, up 17 percent at constant currency
— Last 12 months: $20.8 billion, up 17 percent

“In the first quarter we continued to strengthen the fundamentals of our business, consistent with our medium-term model,” said James Kavanaugh, IBM senior vice president and chief financial officer. “We are a faster growing, more profitable company with a higher-value business mix, a significant recurring revenue base and strong cash generation.”

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