IBM Q3: Op EPS $2.30, revenue $15B +1%; Software +10%, Red Hat +14%; FCF >$12B FY guide

INTERNATIONAL BUSINESS MACHINES CORP

2024-Q3 EPS reported $3.32 revenue$45,199,000,000

Revenue $15.0B (+1%, +2% cc); GAAP EPS -$0.34 (incl $2.7B pension charge), Op EPS $2.30 (+5%).
Software $6.5B (+10%) led by Red Hat +14%, Automation +13%; Consulting flat, Infra -7%.
Free cash flow Q3 $2.1B, YTD $6.6B; FY guide >$12B FCF; $1.5B returned via dividends in Q3.
GenAI book of business >$3B, up >$1B QoQ; Q4 constant currency growth expected consistent with Q3.
Gross margin GAAP 56.3% (+190bps), Op 57.5% (+210bps); operating margin expanded.

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