The International Business Machines Corporation, most popularly known as IBM, an American multinational technology company, has posted higher revenue ahead of a landmark split. IBM said that its first-quarter sales rose about 1 percent, approximating $17.73 billion, generating a net income of $955 million. IBM also said that it expects revenue to grow this year and anticipates $11 billion to $12 billion in adjusted free cash flow for the year.
IBM has pledged to restore its growth this year after a prolonged period of stagnation due to pandemic. The company expects revenue to return to growth and projects about $11 billion to $12 billion in adjusted free cash flow for this year and $12 billion to $13 billion in 2022. The IBM analysts have stated that the customer spending patterns have been strengthened to increase the company's revenue, and IBM is on the right track.
The company is preparing to spin off a major part of its information technology services operations. IBM also is planning to expand its reach by partnering with various startups. The firm is also looking to focus more on the booming fields of cloud computing and artificial intelligence. The company's revenue rose about 21% to $6.5 billion as it invested a massive amount in AI and machine learning.