IBM reiterated its revenue and profit forecast for the full year, having completed its acquisition of cloud cost management software maker Apptio in August.
To reach its target for 2023, the company must now generate $5.4 billion in free cash flow in the fourth quarter, more than what it has picked up for the first nine months of this year.IBM's overall revenue grew 4.6% year over year in the quarter, or 3.5% at constant currency, according to a statement. Net income reached $1.70 billion, or $1.84 per share, compared with a net loss of $3.20 billion, or $3.54 per share, in the same quarter one year ago. A $5.
IBM's Consulting division generated $4.96 billion in revenue, up around 6% but lower than StreetAccount's consensus of $5.11 billion. Accenture said last month that revenue from communications, media and technology clients was down 12% in the August quarter. But clients are still focused on cost reduction, and that's putting pressure on discretionary consulting projects, Kavanaugh said. "It came in a little bit light because we're dealing with a much stronger U.S. dollar position than where we were 90 days ago," Kavanaugh said of the consulting outcome.
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