尽管第三季度IBM营收和每股收益上双双超出了华尔街的预期，并上调了全年自由现金流指引。但备受关注的高利润软件与云服务的红帽部门的营收令人 失望，引发了那些将软件业务视为公司增长关键之一的投资者的担忧。周三美股盘后，IBM跌超5%。 IBM最新财报显示自由现金流超预期，但红帽增长放缓引发市场深层忧虑。 10月22日，IBM发布财报，尽管第三季度在营收和每股收益上双双超出了华尔街的预期，并上调了全年自由现金流指引这一重大利好。 但备受关注的红帽 (Red Hat) 部门的营收令人失望，引发了那些将软件业务视为公司增长关键之一的投资者的担忧。具体财报要点如下： 财务表现稳健 ：第三季度总收入163亿美元，同比增长9.1%；调整后每股收益2.65美元，超出分析师预期的2.41美元。 红帽业务失速 ：包含红帽的混合云部门第三季度收入增长14%，低于前一季度增速，且未达分析师16%的预期，引发市场对IBM增长引擎的质疑。 AI业务账面繁荣 ：自2023年中以来AI业务订单累计达95亿美元，但80%来自利润率较低的咨询部门，软件部门占比仅20%。 （周三IBM盘后跌5.37%） 红帽成了烫手山芋 被视为公司增长关键的红帽软 ...

Core Insights - IBM's latest earnings report shows that while free cash flow exceeded expectations, the slowdown in Red Hat's growth has raised deep concerns in the market [1][4][5] Financial Performance - Total revenue for Q3 reached $16.3 billion, a year-over-year increase of 9.1%, with adjusted earnings per share at $2.65, surpassing analyst expectations of $2.41 [4] - The hybrid cloud segment, which includes Red Hat, saw revenue growth of 14%, falling short of the previous quarter's growth and below the analyst forecast of 16%, raising doubts about IBM's growth engine [4][5] - AI business orders have accumulated to $9.5 billion since mid-2023, but 80% of these orders come from the lower-margin consulting segment, with only 20% from the software segment [7][8] Red Hat's Performance - Red Hat is considered a core pillar of CEO Arvind Krishna's strategy to make software IBM's largest business segment, especially as the consulting segment faces challenges due to economic concerns [5] - The mixed cloud segment's revenue growth of 14% appears strong but is a significant slowdown compared to the previous quarter and below analyst expectations [5][6] Consulting and Software Segments - Consulting revenue grew by only 3.3% to $5.32 billion, just meeting expectations, indicating a lack of robust growth [9] - In contrast, the software segment's revenue increased by 10% to $7.21 billion, meeting expectations but lacking excitement [10] Infrastructure Performance - The infrastructure segment's revenue surged by 17% to $3.56 billion, primarily driven by sales of the new z17 mainframe servers, although this growth is considered cyclical and its sustainability is questioned [10]