NYSE$IBM
International Business Machines Corporation (IBM) · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Announced first-quarter 2024 earnings with accelerated Software revenue growth, strong gross margin expansion, and cash generation. Also, announced strategic acquisition of HashiCorp, Inc.
IBM's first-quarter results showed solid revenue and free cash flow growth, driven by its hybrid cloud and AI strategy. The company's book of business for watsonx and generative AI has surpassed $1 billion since its launch in mid-2023. IBM also announced its intent to acquire HashiCorp to strengthen its position in the hybrid cloud and AI landscape.
- Revenue of $14.5 billion, up 1 percent (up 3 percent at constant currency)
- Software revenue up 5 percent (up 6 percent at constant currency)
- Gross Profit Margin: GAAP: 53.5 percent, up 80 basis points; Operating (Non-GAAP): 54.7 percent, up 100 basis points
- Free cash flow of $1.9 billion, up $0.6 billion
Headline financials
Revenue & EPS history
IBM · Revenue · Quarterly
$14.5B
Forward guidance
IBM expects revenue performance in line with its mid-single digit model and about $12 billion in free cash flow for the full year.
Tailwinds
- Company continues to expect constant currency revenue growth consistent with its mid-single digit model.
- Company continues to expect about $12 billion in free cash flow
Headwinds
- Currency is expected to be about a one-and-a-half to two-point headwind to revenue growth
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2024
-0.8%
Avg return
Earnings day
+0.2%
Avg return
5 days after
-0.5%
Avg return
30 days after
41%
30 / 73 earnings
Positive
+13.0%
Q4 2024
Best reaction
-10.3%
Q3 2014
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -3.1% | -7.5% | +0.8% | |
| Q4 2025 | -3.0% | +0.1% | -18.3% | |
| Q3 2025 | +4.0% | +8.7% | +3.5% | |
| Q2 2025 | +1.1% | +2.3% | +6.9% | |
| Q1 2025 | -6.6% | -2.5% | +5.4% | |
| Q4 2024 | +13.0% | +15.7% | +10.4% | |
| Q3 2024 | -6.0% | -8.3% | -4.0% | |
| Q2 2024 | +4.3% | +4.0% | +6.5% | |
| Q1 2024 | -7.3% | -8.1% | -6.2% | |
| Q4 2023 | +9.5% | +7.6% | +6.8% | |
| Q3 2023 | +4.3% | +3.5% | +12.6% | |
| Q2 2023 | +2.2% | +3.1% | +4.5% | |
| Q1 2023 | -1.1% | -1.9% | -0.4% | |
| Q4 2022 | -5.0% | -4.4% | -7.7% | |
| Q3 2022 | +4.4% | +7.9% | +20.1% | |
| Q2 2022 | -6.5% | -8.3% | -1.5% | |
| Q1 2022 | +9.6% | +9.6% | +2.8% | |
| Q4 2021 | +5.2% | +4.0% | -5.6% | |
| Q3 2021 | -9.6% | -10.1% | -14.5% | |
| Q2 2021 | +0.8% | +1.8% | +0.4% | |
| Q1 2021 | +3.4% | +6.6% | +7.2% | |
| Q4 2020 | -8.8% | -5.8% | -8.5% | |
| Q3 2020 | -6.8% | -7.9% | -7.3% | |
| Q2 2020 | +0.8% | +0.5% | -1.0% | |
| Q1 2020 | -2.8% | +3.8% | +1.0% | |
| Q4 2019 | +4.0% | +1.6% | +9.3% | |
| Q3 2019 | -6.1% | -7.3% | -6.0% | |
| Q2 2019 | +4.3% | +4.3% | -6.8% | |
| Q1 2019 | -3.3% | -2.5% | -5.6% | |
| Q4 2018 | +7.3% | +8.2% | +11.3% | |
| Q3 2018 | -5.0% | -8.5% | -14.0% | |
| Q2 2018 | +4.0% | +1.5% | +1.8% | |
| Q1 2018 | -5.8% | -8.2% | -8.5% | |
| Q4 2017 | -3.7% | -1.4% | -7.4% | |
| Q3 2017 | +8.6% | +10.4% | +1.6% | |
| Q2 2017 | -3.6% | -3.9% | -8.0% | |
| Q1 2017 | -5.5% | -6.3% | -11.9% | |
| Q4 2016 | +2.2% | +5.5% | +8.3% | |
| Q3 2016 | -2.4% | -3.1% | +3.1% | |
| Q2 2016 | -0.1% | +1.4% | +0.4% | |
| Q1 2016 | -5.1% | — | — | |
| Q4 2015 | -6.3% | — | — | |
| Q3 2015 | -6.5% | — | — | |
| Q2 2015 | -5.5% | — | — | |
| Q1 2015 | +2.2% | — | — | |
| Q4 2014 | -3.2% | — | — | |
| Q3 2014 | -10.3% | — | — | |
| Q2 2014 | +0.1% | — | — | |
| Q1 2014 | -3.6% | — | — | |
| Q4 2013 | -4.1% | — | — | |
| Q3 2013 | -5.3% | — | — | |
| Q2 2013 | +2.1% | — | — | |
| Q1 2013 | -9.4% | — | — | |
| Q4 2012 | +5.3% | — | — | |
| Q3 2012 | -4.0% | — | — | |
| Q2 2012 | +6.4% | — | — | |
| Q1 2012 | -1.3% | — | — | |
| Q4 2011 | -0.4% | — | — | |
| Q3 2011 | -0.2% | — | — | |
| Q2 2011 | -1.3% | — | — | |
| Q1 2011 | +0.4% | — | — | |
| Q4 2010 | -2.8% | — | — | |
| Q2 2010 | -2.8% | — | — | |
| Q3 2010 | +1.1% | — | — | |
| Q1 2009 | -0.5% | — | — | |
| Q1 2010 | -0.4% | — | — | |
| Q4 2009 | +0.6% | — | — | |
| Q4 2007 | +0.6% | — | — | |
| Q3 2008 | +1.2% | — | — | |
| Q3 2009 | +1.2% | — | — | |
| Q2 2009 | -0.3% | — | — | |
| Q2 2008 | -0.3% | — | — | |
| Q4 2008 | -0.3% | — | — |
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