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IBM profit fell by 23%

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The American corporation IBM for the first quarter of this year received a profit of 23% less than last year. In total, the company received $733 million, in 2021 this figure was $955 million.

At the same time, total revenue increased from $13 billion to $12.4 billion. Compared to the same period in 2021, this figure increased by 8%.

In the software segment, the company increased its revenue by 12%. From the sale of software to International Business Machines Corp. Received $ 5.77 billion. Revenue from the consulting business grew by 13%, while the infrastructure segment showed a fall of 2%.

Despite the mixed results, the corporation has not changed its revenue forecast for this year. Without taking into account changes in exchange rates, IBM plans to receive 4-6% more profit than in 2021. The opinion of the company’s experts is supported by analysts from FactSet, who expect IBM to increase profits by 5.3%.

Experts believe that the company will remain at the lower limit of all earlier forecasts, as profits from the Russian market will stop. Russia generated $300 million in revenue for IBM last year.

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