IBM's Financial Performance in Q4 2024

International Business Machines Corporation (IBM) announced a 1% increase in revenue, reaching $17.6 billion in the final quarter of fiscal 2024. Despite this growth, diluted earnings per share saw a 12% decrease, landing at $3.11 compared to the previous year.

Gross profit experienced a 1.6% year-on-year rise to $10.4 billion, while net income fell by 11% to $2.9 million. Over the entire fiscal year, IBM's revenue grew by 1.4% to $62.7 billion, but diluted earnings per share dropped significantly by 21% to $6.42.

CEO's Statement on AI Business Growth

"Our generative AI book of business now stands at more than $5 billion inception-to-date, up nearly $2 billion quarter over quarter," stated CEO Arvind Krishna, highlighting the company's advancements in artificial intelligence.

Stock Market Reaction

Following the announcement, IBM's stock surged by 10.91% in after-hours trading, reaching $253.58 per share, as the results exceeded analysts' expectations.