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International Business Machines Corporation (IBM), known as Big Blue, is an American multinational technology leader headquartered in Armonk, New York, and operates across over 175 countries. IBM is a cornerstone in the realm of enterprise IT, offering an extensive range of products and services including software, IT services, consulting, and hardware solutions. Employing around 350,000 people and collaborating with 80,000 business partners, IBM serves approximately 5,200 clients worldwide, encompassing 95% of the Fortune 500 companies.
IBM's influence extends far beyond its B2B operations. The company oversees 90% of credit card transactions globally and is responsible for half of the world's wireless connections. This significant footprint underscores IBM's pivotal role in global business and technology.
Recent developments highlight IBM's ongoing innovation and leadership. For example, the company announced its first-quarter 2024 earnings results, showcasing strong revenue and free cash flow growth, driven by its hybrid cloud and AI strategy. The acquisition of HashiCorp is expected to bolster IBM's capabilities in managing application and infrastructure complexity, creating a robust hybrid cloud platform for the AI era.
IBM is also making notable strides in sustainability. The IBM 2023 Impact Report outlines the company's commitment to environmental and societal goals, leveraging technology like AI to address these challenges. IBM aims to achieve operational net zero GHG emissions by 2030, utilizing AI-powered tools to optimize energy consumption across its facilities.
The company is expanding its software portfolio's global availability on AWS Marketplace, making it easier for clients in 92 countries to procure and deploy IBM solutions. This expansion is part of IBM's strategy to enhance digital transformation for its clients.
IBM's dedication to innovation and sustainability is further evidenced by its partnerships with the Canadian and Quebec governments to advance semiconductor research and development, significantly boosting the region's tech sector.
Overall, IBM remains a formidable force in the tech industry, consistently pushing the envelope in AI, hybrid cloud, and sustainable practices, ensuring its clients and partners can navigate and thrive in the ever-evolving technological landscape.
IBM has announced major advancements at the Quantum Summit 2022, including the unveiling of the new 433 qubit 'Osprey' processor, which significantly enhances quantum computing capabilities, exceeding classical limits. The company also introduced updates to its quantum software for improved error correction and mitigation, and provided details on the upcoming IBM Quantum System Two, aimed for launch by the end of 2023. Additionally, IBM is expanding its quantum network, welcoming new partners to advance quantum applications and security measures as part of their quantum-centric supercomputing vision.
IBM announced a collaboration with Vodafone to explore quantum-safe cybersecurity and quantum computing applications in telecommunications. As part of the partnership, Vodafone will join the IBM Quantum Network, gaining access to advanced quantum computing systems and expertise. Vodafone aims to develop quantum use cases, invest in quantum-safe cryptography, and enhance employee skills in quantum technology. This initiative positions Vodafone as a leader in adopting quantum technology in the telecom sector.
IBM has launched the Business Analytics Enterprise, a software suite aimed at enhancing data-driven decision-making across organizations. This suite features the new IBM Analytics Content Hub, which consolidates analytics tools from various vendors into a unified dashboard. The offering is designed to alleviate data silos and improve access to insights for business teams facing challenges like supply chain disruptions. Also, new capabilities in IBM Cognos Analytics and IBM Planning Analytics are expected to be available on AWS, enhancing forecasting and financial planning solutions.
IBM has launched a demonstration project with the U.S. Patent and Trademark Office (USPTO) to test the IBM IP Advisor with Watson system. This AI-driven tool utilizes conversational AI and content insight mining to simplify patent data analysis, facilitating strategic innovation for users. The system, available for public testing until November 30, 2022, allows users to query patent information using everyday language, thus democratizing access to complex patent insights.
Sierra Space and IBM have signed a Memorandum of Understanding (MOU) to develop next-generation space technology and software platforms for low-Earth orbit commercialization. The collaboration aims to integrate IBM's technology to enhance the efficiency of Sierra Space astronauts' tasks using data analysis. The partnership envisions a comprehensive platform for managing cloud services in space, advancing applications related to commerce, research, and tourism. Both companies target the creation of a flexible distributed computing environment for operational enhancements.
The board of directors of IBM has declared a quarterly cash dividend of $1.65 per common share, which will be payable on December 10, 2022. Shareholders on record as of November 10, 2022 will receive this payment. This marks the continuation of IBM's consistent dividend payments since 1916, showcasing the company's commitment to shareholder returns and financial stability amidst changing market conditions.
On October 25, 2022, IBM announced an expansion of its embeddable AI software portfolio, introducing three new libraries aimed at assisting partners and developers in creating AI-powered applications. This offering is designed to lower the barriers to AI adoption, addressing skills shortages and development costs associated with building AI models. The new libraries include capabilities for natural language processing, speech-to-text, and text-to-speech, all accessible through IBM's existing AI ecosystem. These enhancements leverage technology from IBM Research and aim to streamline the integration of AI into various applications.
IBM has announced the recipients of the 2022 Education Security Preparedness Grants, awarding $5 million in in-kind services to schools globally to enhance cybersecurity. Grant recipients include institutions from Ireland, the United Arab Emirates, and various states in the U.S. The initiative aims to address increasing cyber threats against schools, with ransom attacks becoming more prevalent. IBM's program is now in its second year, reflecting the urgent need for improved cybersecurity measures as data breaches cost educational institutions an average of $3.86 million.
IBM announced its third-quarter 2022 earnings, reporting revenue of $14.1 billion, a 6% increase year-over-year. At constant currency, revenue rose 15%, driven by robust global adoption of hybrid cloud solutions. Notably, hybrid cloud revenue reached $22.2 billion, up 15%. The company reported a net cash from operating activities of $6.5 billion year-to-date, with free cash flow of $4.1 billion. IBM now expects full-year revenue growth to exceed its mid-single digit target, bolstered by ongoing demand for technology to enhance business capabilities.
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