IBM cuts cash forecast for 2022 despite beating earnings expectations

IBM (NYSE: IBM) cut its cash forecast for 2022 blaming the strong dollar and suspension of business in Russia due to the war.

The tech giant now expects about $10 billion in consolidated free cash flow for 2022, down from the range of $10 billion to $10.5 billion, as announced earlier.

IBM, though, beat Wall Street expectations as its revenue rose 9% year over year in the second quarter.

The company posted revenue of $15.54 billion, topping analysts’ expectations of $15.18 billion, according to Refinitiv.