IBM Continues Growth in the First Quarter of 2022

IBM marked another successful quarter with significant growth in the cloud, software, and consulting revenue. In the first quarter of 2022, IBM has beaten estimates in both revenue and profit.

The company saw total revenue up 8% to $14.2 billion, while adjusted profit per share was  $1.40. Cloud revenue jumped 14% to $5 billion during the quarter. Software revenue rose 12% while consulting revenue was 13% up. The impact from operations in Russia equates to less than half a percent of total revenue last year, said James Kavanaugh, CFO. However, IBM expects a $200 million hit from Russia to profit in 2022.

"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," said Arvind Krishna, IBM chairman, and CEO. "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.