IBM RELEASES FOURTH-QUARTER RESULTS

/ / Technology /

IBM RELEASES FOURTH-QUARTER RESULTS PR Newswire ARMONK, N.Y., Jan. 24, 2024 Revenue growth in all segments; Strong margin expansion and cash generation ARMONK, N.Y., Jan. 24, 2024 /PRNewswire/ — IBM (NYSE: IBM) today announced fourth-quarter 2023 earnings results. “In the fourth quarter, we grew revenue in all of our segments, driven by continued adoption of our hybrid cloud and AI offerings. Client demand for AI is accelerating and our book of business for watsonx and generative AI roughly doubled from the third to the fourth quarter,” said Arvind Krishna, IBM chairman and chief executive officer. “For the year, revenue growth was in line with our expectations, and we exceeded our free cash flow objective. Based on the strength of our portfolio and demonstrated track record of innovation, for 2024 we expect revenue performance in line with our mid-single digit model and about $12 billion in free cash flow.” Fourth-Quarter Highlights […]

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IBM Revenue Growth Tops Expectations on Strong AI Demand — WSJ

/ / Technology /

By Dean Seal International Business Machines’ profit rose in the fourth quarter as strong demand for artificial intelligence pushed revenue higher than analysts had expected. Shares are up 23% over 12 months and rose to a nine-year high of $174.86 in Wednesday trading. Chief Executive Arvind Krishna said client demand for AI is accelerating and that IBM’s book of business for its generative AI platform Watsonx roughly doubled between the third quarter and the fourth. Each of the legacy tech giant’s segments reported higher revenue. The biggest gain came from IBM’s consulting business while its infrastructure unit logged a smaller bump. The top line of IBM’s software business, its largest by revenue, rose 3% to $7.5 billion as growth from its cloud-computing subsidiary Red Hat and smaller gains from automation and AI more than offset a 5% decline from its security division. IBM’s quarterly report, by the numbers: — Revenue

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ServiceNow Reports Fourth Quarter and Full-Year 2023 Financial Results

/ / Technology /

ServiceNow Reports Fourth Quarter and Full-Year 2023 Financial Results — ServiceNow exceeds guidance across all Q4 2023 topline growth and profitability metrics; raises 2024 subscription revenues and operating margin outlook — Subscription revenues of $2,365 million in Q4 2023, representing 27% year-over-year growth, 25.5% in constant currency — Total revenues of $2,437 million in Q4 2023, representing 26% year-over-year growth, 24% in constant currency — Current remaining performance obligations of $8.60 billion as of Q4 2023, representing 24% year-over-year growth, 23% in constant currency — 168 transactions over $1 million in net new ACV in Q4 2023, up 33% year-over-year SANTA CLARA, Calif.SANTA CLARA, Calif.–(BUSINESS WIRE)–January 24, 2024– ServiceNow (NYSE: NOW), the leading digital workflow company making the world work better for everyone, today announced financial results for its fourth quarter ended December 31, 2023, with subscription revenues of $2,365 million in Q4 2023, representing 27% year-over-year growth and 25.5%

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Lam Research Guides For Q3 EPS of $6.50-$8.00 on Revenue of $3.4-$4.0 Billion, Vs CIQ Analyst Consensus of $6.63/Share on Revenue of $3.8 Billion

/ / Technology /

Lam Research Guides For Q3 EPS of $6.50-$8.00 on Revenue of $3.4-$4.0 Billion, Vs CIQ Analyst Consensus of $6.63/Share on Revenue of $3.8 Billion.

Lam Research Guides For Q3 EPS of $6.50-$8.00 on Revenue of $3.4-$4.0 Billion, Vs CIQ Analyst Consensus of $6.63/Share on Revenue of $3.8 Billion Read Post »

ServiceNow’s Stock Wavers Despite Strong Subscription Sales, Revenue Jump as AI Products Gain Hold

/ / Technology /

By Jon Swartz The software company is riding the momentum of a 27% jump in quarterly subscription sales and an aggressive push into artificial intelligence ServiceNow Inc.’s stock bounced between slight gains and losses in after-hours trading Wednesday, after the company reported a quarterly bounce in revenue on strong subscription sales. “The gen-AI solutions we put into the marketplace in one quarter outsold any other product we put in the market,” ServiceNow (NOW) Chief Executive Bill McDermott said in an interview Wednesday. The software company is riding the momentum of a 27% jump in quarterly subscription sales to $2.37 billion, and an aggressive push into artificial intelligence through partnerships with Nvidia Corp. (NVDA), Amazon.com Inc.’s (AMZN) AWS and others. ServiceNow posted fiscal fourth-quarter net income of $295 million, or $1.44 a share, compared with net income of $150 million, or 74 cents a share, in the year-ago quarter. Adjusted earnings

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Raymond James Finl Q1 2024 Adj EPS $2.40 Beats $2.26 Estimate, Sales $3.01B Miss $3.06B Estimate

/ / Financials /

Raymond James Finl (NYSE:RJF) reported quarterly earnings of $2.40 per share which beat the analyst consensus estimate of $2.26 by 6.19 percent. The company reported quarterly sales of $3.01 billion which missed the analyst consensus estimate of $3.06 billion by 1.73 percent. This is a 8.04 percent increase over sales of $2.79 billion the same period last year.

Raymond James Finl Q1 2024 Adj EPS $2.40 Beats $2.26 Estimate, Sales $3.01B Miss $3.06B Estimate Read Post »

Raymond James Financial Reports Fiscal First Quarter of 2024 Results

/ / Financials /

Raymond James Financial Reports Fiscal First Quarter of 2024 Results ST. PETERSBURG, Fla., Jan. 24, 2024 (GLOBE NEWSWIRE) — — Record client assets under administration of $1.37 trillion and record financial assets under management of $215 billion, up 17% and 16%, respectively, over December 2022 — Domestic Private Client Group net new assets(1) of $21.6 billion for the fiscal first quarter, annualized growth from beginning of period assets of 7.8% — Quarterly net revenues of $3.01 billion, up 8% over the prior year’s fiscal first quarter and down 1% compared to the preceding quarter — Quarterly net income available to common shareholders of $497 million, or record $2.32 per diluted share; record quarterly adjusted net income available to common shareholders of $514 million(2), or record $2.40 per diluted share(2) — Annualized return on common equity of 19.1% and annualized adjusted return on tangible common equity of 23.8%(2) for fiscal first

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Tesla Expects Volume Growth To Stall Amid ‘Next Generation’ Pivot

/ / Consumer Discretionary /

Tesla is expecting its vehicle sales to take a hit as it focuses on scaling up its next-generation platform. The EV giant says with 4Q results that it expects “notably lower” car-sales volume growth in 2024. The company is looking to bring its next generation platform to market as soon as possible. The company is looking to start production with the platform at its Gigafactory Texas and expects the platform to “revolutionize how vehicles are manufactured.”

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Tesla’s Price Cuts Hit Margins Again, Despite Lower Costs

/ / Consumer Discretionary /

Tesla’s margins are deflating after the company slashed prices. The company says its operating income fell in the fourth quarter, partly due to lower average selling price for its vehicles. That offsets a benefit from lower cost per vehicle. Still, the price-cuts, meant to boost demand, had some impact, with the Tesla Model Y sales surging in 2023.

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Tesla Projects Slower Growth in 2024 — WSJ

/ / Consumer Discretionary /

By Rebecca Elliott Tesla warned of slower growth in 2024 without sharing a specific target, signaling more uncertainty ahead for the world’s most valuable automaker. The company reported fourth quarter net income more than doubled year-over-year to $7.9 billion, largely due to a one-time tax benefit. However, its income from operations was down 47% and its quarterly revenue came in shy of analysts’ expectations. “Our company is currently between two major growth waves,” Tesla said Wednesday, cautioning that growth “may be notably lower” than it was last year, when Tesla increased annual vehicle deliveries 38%. The company’s more subdued forecast is a sharp reversal from a couple of years ago, when demand seemed limitless and profitability was robust. Now, the electric-vehicle company is confronting softening demand, shrinking margins and intensifying competition from rival electric-vehicle makers. Tesla’s once industry-leading operating margin improved slightly quarter-over-quarter to 8.2% for the final three months

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IBM Q4 Non-GAAP Earnings, Revenue Rise; 2024 Sales Guidance Set

/ / Technology /

IBM (IBM) reported Q4 non-GAAP diluted earnings late Wednesday of $3.87 per share, up from $3.60 a year earlier. Analysts polled by Capital IQ expected $3.80 normalized. Revenue in the quarter ended Dec. 31 rose to $17.4 billion from $16.7 billion a year earlier. Analysts surveyed by Capital IQ expected $17.3 billion. The company said it expects 2024 constant currency revenue growth consistent with its mid-single-digit model. At current foreign exchange rates, the currency will likely be about a one-point headwind to revenue growth. Analysts polled by Capital IQ expect $63.4 billion.

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