FX.co ★ IBM Sees FY Revenue Growth Consistent With Mid-single Digit Model; Reportedly Plans Job Cuts

In their fourth quarter reports, the International Business Machines Corp (IBM) expressed anticipation for a steady growth in revenue for the fiscal year of 2024, mirroring its mid-single digit model. Current foreign exchange rates predict that currency will put a one-point hindrance to this growth in revenue.

The company projects a free cash flow of approximately $12 billion for the fiscal year of 2024.

IBM, which is based in Armonk, New York, has reportedly stated that it will be reducing its workforce by a small percentage in the single digits this year.

On Wednesday, IBM's regular trading concluded with stocks at $173.93, marking a marginal decrease of $0.01, or 0.01%. However, in the after-hours trading, the stocks saw an increase of $14.47 or 8.32%.