Total revenue remains nearly unchanged at $16.7 billion
IBM saw its net income rise 17% to $2.7 billion in the fourth quarter of 2022, according to its financial results statement released Wednesday.
The US-based multinational tech firm posted a net income of $2.3 billion in the October-December period of 2021.
Its total revenue remained almost unchanged at approximately $16.7 billion.
The company said its software revenue was up 3% in the fourth quarter,while its infrastructure revenue rose 2%.
For the full year of 2022, total revenue rose 5% to $60.5 billion from $57.3 billion the previous year, but net income plummeted 72% to $1.6 billion from $5.7 billion in 2021.
The firm said its hybrid cloud revenue came in at $22.4 billion for the full year of 2022, up 11% year-on-year.
IBM Chairman and CEO Arvind Krishna said hybrid cloud and artificial intelligence solutions are a differentiating force in the current business environment.
With its net income plummeting 72% year-on-year, IBM’s stock price dove 2% to $137.90 per share during after-hours trading on the New York Stock Exchange after closing Wednesday at $140.76 a share.