IBM reported Q3 revenue of $17.1bn for the quarter ended Sept. 30, up ~5% YoY
and above analyst estimates. Infrastructure revenue, including mainframes, rose
4% to $3.7bn; IBM said most infrastructure orders that were delayed earlier this
year have now been rebooked, with CFO Kavanaugh saying roughly two‑thirds of
previously delayed mainframe and related software deals are now signed. Software
revenue climbed 8.3% to $7.8bn, beating the Street estimate of $7.64bn. IBM said
earlier that customer spend had temporarily shifted toward chips and servers
amid AI‑driven supply constraints, pressing mainframe and software demand; it
now expects free cash flow to increase by more than $1bn this year, above a
prior forecast of about $1bn.
