IBM Q4 Earnings Beat Expectations, Driven by AI Demand

Shares Surge as Company Forecasts Higher 2024 Revenue, Despite Planned Job Cuts

IBM's Q4 earnings exceeded expectations, with a revenue increase of 4% driven by demand for its AI products and services.
The company's generative AI book of business doubled from the third quarter, benefiting from a number of lucrative consulting and software deals.
IBM projects 2024 full-year revenue guidance of between 4% to 6%, ahead of the 3% analysts had expected.
IBM shares gained as much as 8% before the opening bell Thursday, potentially set to break out from a rising wedge pattern and climb to a 10-year high.
IBM plans to reduce jobs by a percentage in the low single digits, but expects headcount to remain the same by year's end.