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IBM’s bets on AI and hybrid cloud pay off

May 6, 2024

After underperforming the market for most of the past decade, IBM is seeing its strategy of acquiring companies to build a broad, multicloud platform start to pay real dividends.

On March 12, IBM stock hit an all-time-high share price of $197.78, putting an exclamation point on a remarkable turnaround for the company whose shares nosedived to a low of $74 in 2020. In the fourth quarter of last year, IBM revenue grew by 4%, year over year, reaching $17.4 billion. Annual revenue hit $61.8 billion, a 2% increase over 2022.

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