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IBM tops Q4 earnings while announcing job cuts

Yahoo Finance’s Ines Ferre breaks down fourth-quarter earnings for IBM.

Video Transcript

- Well, IBM just releasing its Q4 results. Ines Ferre has that for us. Ines.

INES FERRE: Yeah, Seana. I'm taking a look at fourth quarter revenue. That came in at $16.69 billion. So that was above expectations. The estimates was for $16.38 billion. Adjusted earnings per share came in at $3.60. That was about in line with expectations. Fourth quarter free cash flow came in at $5.21 billion. And here's some commentary from Arvind Krishna, IBM's chairman and CEO. He said, our solid fourth quarter performance capped a year in which we grew revenue above our mid-single digit model. He went on to say, looking ahead to 2023, we expect full-year revenue growth consistent with our mid-single digit model.

Now, a headline that has come out is from CFO James Kavanaugh who gave an interview and who said IBM is going to eliminate about 3,900 jobs. So we have seen in the tech industry job losses. We've seen companies cutting costs by cutting jobs. And IBM appears to be going ahead with the same route, with CFO James Kavanaugh saying that they're going to eliminate about 3,900 jobs. The stock in after hours is slightly higher. Guys.

- Yeah. Certainly a theme that we've been hearing on these earnings calls or really from many of its peers within the industry. Ines, thanks so much.