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Home > Cloud Computing > IBM published 3rd quarter results

IBM published 3rd quarter results

IBM reports financial results for the third quarter of 2021. During the period, the company generated net cash of $16.1 billion.

Erdem Yasar by Erdem Yasar
October 21, 2021
in Cloud Computing
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IBM announced third quarter 2021 earnings results. In the quarter, IBM generated net cash of $2.7 billion from operating activities. The revenue increased by 0.3% to $17.6, when it is normalized to exclude Kyndryl, which will be separated in November, the revenue increase is 2.5%. Red Hat revenue up 17%, normalized for historical comparability.

Debt reduced by $7.0 billion

James Kavanaugh, senior vice president and chief financial officer of IBM
James Kavanaugh, senior vice president and chief financial officer of IBM

At the end of the quarter, IBM had $8.4 billion of cash on hand, $5.9 billion less than year-end 2020 due to $3.0 billion acquisition and debt reduction payments. According to IBM’s announcement, the debt, totaled $54.5 billion, down $7.0 billion since the end of 2020, and down $18.5 billion since IBM closed the acquisition of Red Hat.

Cloud & Cognitive Software revenues increased by 2.5% to $5.7 billion, which includes Cloud & Data Platforms grew 10%, Cognitive Applications revenue was flat, and Transaction Processing Platforms declined 9%. IBM’s cloud revenue increased by 21%. On the other hand, the Systems segment’s revenues of $1.1 billion, down 11.9%. James Kavanaugh, senior vice president and chief financial officer of IBM said,

“We again had solid cash generation for the quarter and over the last year, while maintaining a strong balance sheet and the liquidity to support our hybrid cloud and AI strategy. Our post-separation portfolio mix is shifted toward our growth vectors, with a higher-value recurring revenue stream and strong cash generation, allowing us to continue to invest in the business and provide attractive shareholder returns.”

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Erdem Yasar

Erdem Yasar

Erdem Yasar is a news editor at Cloud7 News. Erdem started his career by writing video game reviews in 2007 for PC World magazine while he was studying computer engineering. In the following years, he focused on software development with various programming languages. After his graduation, he continued to work as an editor for several major tech-related websites and magazines. During the 2010s, Erdem Yasar shifted his focus to cloud computing, hosting, and data centers as they were becoming more popular topics in the tech industry. Erdem Yasar also worked with various industry-leading tech companies as a content creator by writing blog posts and other articles. Prior to his role at Cloud7 News, Erdem was the managing editor of T3 Magazine.

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