- IBM managed to avoid posting a revenue decline.
- The company plans to cut about 3,900 jobs, or 1.5% of its workforce.
With respect to guidance, IBM called for 2023 revenue growth in constant currency — Jim Kavanaugh, IBM’s finance chief, said on a conference call that it would be prudent to expect it to be on the low end of its model for mid-single-digit revenue growth — and around $10.5 billion in free cash flow. In 2021, IBM announced a goal of delivering $35 billion in free cash flow between 2022 and 2024, and in 2022 free cash flow totaled $9.29 billion.
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