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IBM share price spikes to 10-year high, boosted by AI demand
IBM enjoyed a 12% spike in its share price on Thursday, a more than 10-year high, on the back of a better than expected revenue forecast.
The company report, released on Wednesday, indicated above market estimates based on the order book for the coming months, but there will also be staff cuts at IBM, offset by new hires in AI-focused roles. Under the leadership of Arvind Krishna, incumbent CEO since April 2020, the technology corporation with a market cap of $174 billion has moved toward a focus on software and consulting with a timely concentration on AI as clients from different industries seek its integration. Based on the strength of our portfolio and demonstrated track record of innovation, for 2024, we expect revenue performance in line with our mid-single digit model and about $12 billion in free cash flow.”
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