Summary by Moomoo AI
IBM Corp reported a modest revenue increase of 1.5% year-on-year to $14.968 billion for the third quarter of 2024, with a gross profit margin improvement of 1.9 points to 56.3%. However, the company faced a net loss of $330 million, including a significant one-time, non-cash, pre-tax pension settlement charge of $2.7 billion related to its pension obligations. Excluding this charge, operating (non-GAAP) earnings were $2.155 billion, a 6.1% increase from the previous year, and diluted operating (non-GAAP) earnings per share rose by 4.5% to $2.30. The company's cash generation remained strong, with $2.9 billion from operations and $2.1 billion in free cash flow. IBM's business development saw the completion of eight acquisitions, including StreamSets and webMethods, and the announcement of the intent to acquire...Show More