Core Insights - IBM reported third-quarter total revenue of $16.3 billion, a year-over-year increase of 9.1%, with adjusted earnings per share of $2.65, exceeding analyst expectations [1] Revenue Breakdown - The hybrid cloud segment, which includes Red Hat, saw third-quarter revenue growth of 14%, lower than the previous quarter's growth rate and below the analyst expectation of 16%, indicating a slowdown in Red Hat's business growth [1] AI Business Performance - Since mid-2023, IBM's AI business orders have accumulated to $9.5 billion, with 80% of these orders coming from the lower-margin consulting segment, while the software segment accounted for only 20% [1] Financial Guidance - IBM raised its full-year free cash flow guidance to approximately $14 billion and expects full-year revenue growth of over 5% when adjusted for constant currency [1]