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IBM cuts cash forecast for 2022 despite beating earnings expectations
By Shubhangi Mathur - Jul 19, 2022, 10:11 AM ET
Last Updated - Jun 10, 2024, 02:14 AM EDT
IBM (NYSE: IBM) cut its cash forecast for 2022 blaming the strong dollar and suspension of business in Russia due to the war
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.
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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.
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"With our first half results, we continue to expect full-year revenue growth at the high end of our mid-single digit model," said CEO Arvind Krishna.
Picture Credits: Getty Images
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