International Business Machines Corporation (IBM) reported Q3 revenues of $7.21 billion, a 10.6% increase from $6.52 billion in Q3 2022. Net income rose 20.3% to $2.37 billion, with profit margins improving to 32.9% from 30% in the previous year. Key growth drivers included a 22% increase in its Automation segment and a 12% rise in Hybrid Cloud revenues.
IBM expects to generate approximately $7.6 billion in total revenue, reflecting a year-over-year growth of 16.3%. The company is set to acquire Confluent, enhancing its capabilities in real-time data streaming and further solidifying its hybrid cloud offerings.
In comparison, Oracle’s Q3 cloud revenues hit $7.97 billion, growing 34% year-over-year, while Microsoft reported $33.02 billion in Q3 revenues, driven by strong demand for M365 cloud services, marking a 17% increase compared to last year.
