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"Our solid fourth-quarter performance capped a year in which we grew revenue above our mid-single digit model. Clients in all geographies increasingly embraced our hybrid cloud and AI solutions as technology remains a differentiating force in today's business environment," said Arvind Krishna, IBM chairman and chief executive officer. "Looking ahead to 2023, we expect full-year revenue growth consistent with our mid-single digit model."

Fourth-Quarter Highlights

• Revenue of $16.7 billion, flat, up 6 percent at constant currency 
  • Software revenue up 3 percent, up 8 percent at constant currency
  • Consulting revenue up 0.5 percent, up 9 percent at constant currency
  • Infrastructure revenue up 2 percent, up 7 percent at constant currency

Full-Year Highlights

• Revenue of $60.5 billion, up 6 percent, up 12 percent at constant currency (about 4 points from sales to Kyndryl)
  • Hybrid cloud revenue of $22.4 billion, up 11 percent, up 17 percent at constant currency
• On a consolidated basis, net cash from operating activities of $10.4 billion; free cash flow of $9.3 billion

Read the press release. Go team IBM!