Lates News

IBM (IBM.N) reported third-quarter revenue that exceeded analysts' expectations. The company said that most of the infrastructure business orders that were delayed earlier this year have now been signed. According to the financial report, for the quarter ended September 30, the company's revenue grew about 5% year over year to $17.1 billion. Revenue from the infrastructure business, including mainframe servers, rose 4% to $3.7 billion, and both results were above the average analyst estimate. IBM Chief Financial Officer Kavanaugh said that about two-thirds of the mainframe and related software deals that were delayed earlier this year have now been signed. In July this year, IBM said that amid a shortage of chips and servers caused by the artificial intelligence boom, customers temporarily shifted spending to chips and servers, which hit the company's mainframe and software businesses. IBM's closely watched software business revenue rose 8.3% in the third quarter to $7.8 billion, above the Wall Street estimate of $7.64 billion. For the full-year performance, IBM now expects free cash flow to increase by more than $1 billion, up from its previous forecast of about $1 billion.