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 ...

智通财经APP获悉，IBM(IBM.US)两个关键软件类别的收入令人失望，其中一个包括受到密切关注的 Red Hat部门，这引发了投资者的担忧，他们认为这些业务对公司的增长至关重要。财报显示，IBM三 季度营收 163.3 亿美元，同比增长 9.1%超预；不包括某些项目在内的利润为每股2.65美元，超出市场预 期。 Kavanaugh表示，随着客户将人工智能项目投入生产，该公司看到更多的订单转化为收入。他补充说， 这有助于推动咨询业务增长的"拐点"。 本季度咨询收入增长3.3%，达到53.2亿美元，略高于预期。基础设施收入跃升17%，至35.6亿美元，这 得益于IBM新的z17大型机服务器模型在第二季度的销售。 对于截至12月的财年，IBM表示自由现金流将达到约140亿美元，高于分析师预估的135亿美元。该公司 补充说，按不变汇率计算，收入增长率将超过5%，符合预期。 分析师Anurag Rana表示，尽管如此，这些结果表明有机软件增长正在放缓。Evercore ISI的分析师Amit Daryanani写道，投资者可能会关注Red Hat和事务处理的负面结果。 Kavanaugh在业绩公布后与分析师举行的电 ...

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]