IBM has reported revenue of $14.3 billion, up 0.4 percent in the first quarter of 2023 as its Infrastructure business sales fell 3.7 percent.
IBM has generated first quarter revenue of $7.1 billion from Americas, $4.3 billion from Europe / Middle East / Africa, and $2.8 billion from Asia Pacific that includes India and China.
IBM has generated revenue of $5.9 billion (+2.6 percent) from Software business, $5 billion (+2.8 percent) from Consulting, $3.1 billion (–3.7 percent) from Infrastructure, and $0.2 billion (+27.3 percent) from Financing.
IBM Chief Executive Officer Arvind Krishna said enterprise clients were prioritizing digital transformation projects that focus on cost takeout, productivity and quick returns.
IBM cut its full-year consulting revenue growth forecast to 6 percent-8 percent from earlier expectations of high single-digit percentage growth. IBM’s Consulting business has generated revenue of $2.3 billion from Business Transformation, $0.9 billion from Technology Consulting and $1.7 billion from Application Operations.
IBM forecasts annual revenue growth between 3 percent and 5 percent at constant currency, having said in January it expected revenue to rise at the lower-end of its mid-single-digit target.
IBM also has less exposure to U.S. regional banks and is largely shielded from the banking crisis in the country, with Chief Financial Officer James Kavanaugh noting regional banks make up less than 1 percent of the company’s revenue in the United States.