IBM(US:IBM) 智通财经网·2025-10-22 23:20Core Insights - IBM's disappointing revenue in two key software categories, including the closely watched Red Hat division, raises investor concerns about growth prospects [1][2] - The company's Q3 revenue reached $16.33 billion, a 9.1% year-over-year increase, exceeding expectations, while adjusted earnings per share were $2.65, also above market forecasts [1] - The hybrid cloud segment, which includes Red Hat, saw a 14% sales growth in Q3, slowing from the previous quarter and falling short of the 16% analyst estimate [1][2] Revenue Breakdown - Total software revenue grew by 10% to $7.21 billion, meeting expectations, but organic software growth appears to be slowing [2] - Consulting revenue increased by 3.3% to $5.32 billion, slightly above expectations, while infrastructure revenue surged by 17% to $3.56 billion, driven by sales of the new z17 mainframe server model [3] Market Reaction - Following the earnings report, IBM's stock fell approximately 5.5% in after-hours trading, despite a 31% increase year-to-date [3] - The company reported that its AI business orders exceeded $9.5 billion since mid-2023, up from $7.5 billion disclosed in July, with about 80% of these orders coming from the consulting division [3] Future Outlook - IBM continues to expect Red Hat to achieve around 15% growth, albeit at the lower end of expectations [2] - For the fiscal year ending in December, IBM anticipates free cash flow of approximately $14 billion, surpassing analyst estimates of $13.5 billion, and revenue growth exceeding 5% at constant currency [3]