IBM (NYSE: IBM) saw its shares drop sharply Thursday, a day after "Big Blue" announced third-quarter 2021 earnings results.
Revenue proved to be $17.6 billion, up 0.3% (though down 0.2% adjusting for divested businesses and currency)
Cloud & Cognitive Software up 3% (up 2% adjusting for currency) Global Business Services up 12% (up 11% adjusting for currency).
Revenue, up 2.5% (up 1.9% adjusting for divested businesses and currency), normalized to exclude Kyndryl to be separated in November
IBM also boasted net cash from operating activities of $16.1 billion and adjusted free cash flow of $11.1 billion, both up $0.3 billion over last 12 months
Total cloud revenue over last 12 months of $27.8 billion, up 14% (up 11% adjusting for divested businesses and currency) Cloud & Cognitive Software cloud revenue was up 31% (up 28% adjusting for currency)
Global Business Services cloud revenue up 30% (up 27% adjusting for currency) Debt was reduced by $7.0 billion since year-end 2020
"With the separation of Kyndryl early next month, IBM takes the next step in our evolution as a platform-centric hybrid cloud and AI company," said CEO Arvind Krishna.
"We continue to make progress in our software and consulting businesses, which represent our higher growth opportunities. With our increased focus and agility to better serve clients, we are confident in achieving our medium-term objectives of mid-single digit revenue growth and strong free cash flow generation."
IBM shares gave off $9.41, or 6.6%, to $132.49.
