Why IBM Stock Popped Today
"Strong performance this quarter in cloud, driven by increasing client adoption of our hybrid cloud platform, and growth in software and consulting enabled us to get off to a solid start for the year," CEO Arvind Krishna said in a press release. It produced adjusted free cash flow of $2.2 billion in the first quarter, which allowed it to reward shareholders with $1.5 billion in dividends. Management also signaled that the company's cash flow generation will remain strong, with its guidance for adjusted free cash flow of $11 billion to $12 billion.
