International Business Machines Corporation

Shares of computing and business services giant IBM (IBM) gained as much as 8% before the opening bell Thursday after the company delivered better-than-expected fourth quarter earnings and full-year revenue guidance, driven by growing demand for its 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) solutions and consultancy services.

IBM posted fourth quarter 澳洲幸运5官方开奖结果体彩网:adjusted earnings of $3.87 per share, above expectations of $3.78, with the 澳洲幸运5官方开奖结果体彩网:bottom line expanding 8% from a year earlier. Meanwhile, revenue f𓄧or the period of $17.38 billion topped analysts’ forecast of $17.30 billion and grew 4% from the December 2022 quarter.

The company's top line was boosted by its infrastructure business, which reported a 3% jump in revenue from the prior year, driven by rising demand for servers and storage solutions that support AI adoption. A particular area of strength within the division came from the distributed infrastructure category, which grew 8% from strong sales of the tech giant’s Power processing chips. The company also said its 澳洲幸运5官方开奖结果体彩网:generative AI book of business doubled from the third quarter, benefiting f🐻rom a number of lucrative consultin🅺g and software deals.

Looking ahead, the company projects 2024 full-year revenue guidance of between 4% to 6%, ahead of the 3% analysts had expected. While IBM anticipates the economic environment to remain challenging, it projects technology budgets in 2024 to remain at similar levels to last year, helping to drive corporate sales.

IBM shares have remained in a steady uptrend since May last year, with only one significant 澳洲幸运5官方开奖结果体彩网:retracement to the 200-day moving average in October. Today, the stock could be positioned to break above a 澳洲幸运5官方开奖结果体彩网:rising wedge pattern and climb to a 10-year high in the process. If IBM keeps moving upward, the $200 level could be where the stock may find resistance near its 澳洲幸运5官方开奖结果体彩网:record high set in March 2013.

The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our 澳洲幸运5官方开奖结果体彩网:warranty and liability disclaimer for more info.

As of the date this article was written, the author does not own any of the above securities.