IBM Posts Solid Results. It’s Upbeat About 2023.

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IBM

turned in strong financial results, with better-than-expected revenue, driven by the company’s software and infrastructure businesses. Its forecast of revenue was upbeat as well, but the outlook on free cash flow was slightly disappointing.

For the fourth quarter, IBM (ticker: IBM) posted revenue of $16.7 billion, flat with a year ago but up 6% in constant currency, and ahead of the Street consensus view at $16.2 billion.

On an adjusted basis, profits were $3.60 a share, matching Street estimates. Under generally accepted accounting principles, the company earned $3.13 a share from continuing operations.

IBM shares were fractionally higher in late trading.

“Our solid fourth-quarter performance capped a year in which we grew revenue above our mid-single digit model,” CEO Arvind Krishna said in a statement. “Clients in all geographies increasingly…