International Business Machines Corporation (NYSE: IBM) announced operating results for the first quarter, reporting a decline in adjusted earnings.
Total revenues were $14.3 billion in the first three months of fiscal 2023, which is broadly unchanged from the prior-year period. Meanwhile, adjusted earnings from continuing operations declined to $1.36 per share from $1.40 per share in the year-ago period. On an unadjusted basis, March-quarter net profit was $927 million or $1.01 per share, compared to $733 million or $0.81 per share in the corresponding period of 2022.
“Our first quarter results demonstrate that clients continue turning to IBM for our unique combination of an open hybrid cloud platform, enterprise-focused AI, and business expertise to unlock productivity and drive efficiency in their operations,” said IBM’s CEO Arvind Krishna.