The company’s revenue for the reported quarter was nearly $14.2bn, an increase of 7.7%, compared to $13.18bn earned in Q1 2021; its hybrid cloud revenue in Q1 2022 increased by 14% YoY to $5bn
International Business Machines (IBM) has posted a net income of $733m for the first quarter of 2022 (Q1 2022) that ended 31 March 2022, a decrease of 23% compared to $955m in the same quarter of the previous year.
The company’s total revenue for the reported quarter was around $14.2bn, an increase of 7.7%, compared to $13.18bn earned in Q1 2021.
IBM’s software unit that includes hybrid platform and solutions and transaction processing posted revenues of $5.8bn in Q1 2022, which is a year-over-year (YoY) increase of 12.3%, compared to $5.14bn in Q1 2021.
The hybrid cloud revenue of IBM was up by 14% YoY to $5bn, while Red Hat’s revenues in the reported quarter were up by 18% YoY.
The company’s consulting business, which includes business transformation, technology consulting, and application operations, reported a 13.3% growth in Q1 2022 revenues to $4.8bn. The revenues for the unit in Q1 2021 were $4.26bn.
IBM’s infrastructure business posted revenues of $3.22bn in the reported quarter, which is a decrease of 2.3%, compared to $3.3bn earned in Q1 2021. The business includes hybrid Infrastructure and infrastructure support.
The company’s client and commercial financing businesses posted revenues of $200m in the reported quarter, which is a decrease of 26.2% YoY.
IBM chairman and CEO Arvind Krishna said: “Demand for hybrid cloud and AI drove growth in both Software and Consulting in the first quarter. Today we’re a more focused business and our results reflect the execution of our strategy.
“We are off to a solid start for the year, and we now see revenue growth for 2022 at the high end of our model.”
In November 2021, IBM wrapped up the separation of its managed infrastructure services business Kyndryl into an independent publicly traded company.
IBM’s debt at the end of Q1 2022 is $54.2bn, which is an increase of $2.5bn since the end of 2021.