IBM's Financial Performance Highlights

International Business Machines Corporation (IBM) announced a 1% year-on-year revenue increase to $17.6 billion in the fourth quarter of fiscal 2024. Despite this growth, diluted earnings per share saw a 12% decrease to $3.11 compared to the same period in 2023.

Annual Financial Overview

For the entire fiscal year, IBM's revenue grew by 1.4% to $62.7 billion. However, diluted earnings per share experienced a significant 21% drop to $6.42.

CEO's Statement on AI Business Growth

"Our generative AI book of business has now surpassed $5 billion inception-to-date, marking a nearly $2 billion increase 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 10.91% in after-hours trading, reaching $253.58 per share, as the results exceeded analysts' expectations.