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IBM RELEASES THIRD-QUARTER RESULTS

Published

2 years ago

on

Accelerated Software revenue growth, expanded gross profit margin, and strong free cash flow

ARMONK, N.Y., Oct. 23, 2024 /PRNewswire/ — IBM (NYSE: IBM) today announced third-quarter 2024 earnings results.

“Our third-quarter performance was led by double-digit growth in Software, including a re-acceleration in Red Hat. We continue to see great momentum in AI as our models are trusted, fit-for-purpose, and lower cost, with performance leadership. Our generative AI book of business now stands at more than $3 billion, up more than $1 billion quarter to quarter,” said Arvind Krishna, IBM chairman, president and chief executive officer. “Heading into the final quarter of 2024, we expect fourth-quarter constant currency revenue growth to be consistent with the third quarter, with continued strength in Software. We are confident in our ability to deliver more than $12 billion in free cash flow for the year, driven by continued expansion of our operating margins.” 

Third-Quarter Highlights

Revenue
– Revenue of $15.0 billion, up 1 percent, up 2 percent at constant currency
– Software revenue up 10 percent
– Consulting revenue flat
– Infrastructure revenue down 7 percent
Profit
– Gross Profit Margin: GAAP: 56.3 percent, up 190 basis points; Operating (Non-GAAP):             
  57.5 percent, up 210 basis points
Cash Flow
– Year to date, net cash from operating activities of $9.1 billion; free cash flow of $6.6 billion

THIRD-QUARTER 2024 INCOME STATEMENT SUMMARY

 

GAAP results include impact of one-time, non-cash pension settlement charge (1)

 
 

Revenue

 

Gross

Profit

 
 

Gross

Profit

Margin

 
 

Pre-tax

Income/

(Loss) (1)

 

Pre-tax

Income

Margin (1)

 

Net

Income/

(Loss) (1)

 

Diluted

Earnings/

(Loss) Per

Share (1)

GAAP from

Continuing

Operations

$   15.0 B

 
 

$   8.4 B

 
 

56.3

%

 

$ (0.8) B

 
 

(5.4)

%

 

$  (0.3) B

 
 

$    (0.34)

 

Year/Year

1

%(2)

 

5

%

 

1.9

Pts

 

NM

 
 

-18.1

Pts

 

NM

 
 

NM

 

Operating

(Non-GAAP)

 
 
 

$   8.6 B

 
 

57.5

%

 

$    2.5 B

 
 

16.6

%

 

$     2.2 B

 
 

$     2.30

 

Year/Year

 
 
 

5

%

 

2.1

Pts

 

8

%

 

1.0

Pts

 

6

%

 

5

%

(1)  2024 GAAP results include the impact of a one-time, non-cash, pension settlement charge of $2.7 billion ($2.0 billion net of tax) related

       to the transfer of a portion of the company’s U.S. defined benefit pension obligations and related plan assets to a third-party insurer,

       announced in September 2024.

(2)  2% at constant currency.

“Our investments are paying off in Software as we’ve repositioned our portfolio in recent years. In the third quarter, Software delivered broad-based growth and now represents nearly 45 percent of our total revenue. Our ongoing focus on product mix, coupled with our productivity initiatives enables us to continue to drive operating leverage in our underlying profit performance,” said James Kavanaugh, IBM senior vice president and chief financial officer. “With our strong cash generation, we are well-positioned to continue investing for growth while returning value to shareholders through dividends.”

Segment Results for Third Quarter

Software — revenues of $6.5 billion, up 9.7 percent, up 9.6 percent at constant currency:
– Hybrid Platform & Solutions up 10 percent
      — Red Hat up 14 percent
      — Automation up 13 percent
      — Data & AI up 5 percent
      — Security down 1 percent
– Transaction Processing up 9 percent

Consulting — revenues of $5.2 billion, down 0.5 percent, down 0.2 percent at constant currency:
– Business Transformation up 2 percent
– Technology Consulting down 4 percent
– Application Operations down 1 percent

Infrastructure — revenues of $3.0 billion, down 7.0 percent, down 6.7 percent at constant currency:
– Hybrid Infrastructure down 9 percent
      — IBM Z down 19 percent
      — Distributed Infrastructure down 3 percent
– Infrastructure Support down 4 percent, down 3 percent at constant currency

Financing — revenues of $0.2 billion, down 2.5 percent, down 1.3 percent at constant currency

Cash Flow and Balance Sheet

In the third quarter, the company generated net cash from operating activities of $2.9 billion, down $0.2 billion year to year. IBM’s free cash flow was $2.1 billion, up $0.4 billion year to year. The company returned $1.5 billion to shareholders in dividends in the third quarter.

For the first nine months of the year, the company generated net cash from operating activities of $9.1 billion, down $0.4 billion year to year. IBM’s free cash flow was $6.6 billion, up $1.5 billion year to year.

IBM ended the third quarter with $13.7 billion of cash, restricted cash and marketable securities, up $0.3 billion from year-end 2023. Debt, including IBM Financing debt of $10.4 billion, totaled $56.6 billion, flat year to date.

Expectations

Revenue: The company expects fourth-quarter constant currency revenue growth consistent with the third quarter. At current foreign exchange rates, currency is expected to be about a half-point headwind to revenue growth in the quarter
Free cash flow: The company continues to expect more than $12 billion in free cash flow for the full year

Forward-Looking and Cautionary Statements

Except for the historical information and discussions contained herein, statements contained in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the company’s current assumptions regarding future business and financial performance. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, including, but not limited to, the following: a downturn in economic environment and client spending budgets; a failure of the company’s innovation initiatives; damage to the company’s reputation; risks from investing in growth opportunities; failure of the company’s intellectual property portfolio to prevent competitive offerings and the failure of the company to obtain necessary licenses; the company’s ability to successfully manage acquisitions, alliances and dispositions, including integration challenges, failure to achieve objectives, the assumption of liabilities and higher debt levels; fluctuations in financial results; impact of local legal, economic, political, health and other conditions; the company’s failure to meet growth and productivity objectives; ineffective internal controls; the company’s use of accounting estimates; impairment of the company’s goodwill or amortizable intangible assets; the company’s ability to attract and retain key employees and its reliance on critical skills; impacts of relationships with critical suppliers; product quality issues; impacts of business with government clients; reliance on third party distribution channels and ecosystems; cybersecurity and data privacy considerations; adverse effects related to climate change and environmental matters; tax matters; legal proceedings and investigatory risks; the company’s pension plans; currency fluctuations and customer financing risks; impact of changes in market liquidity conditions and customer credit risk on receivables; potential failure of the separation of Kyndryl Holdings, Inc. to qualify for tax-free treatment; risk factors related to IBM securities; and other risks, uncertainties and factors discussed in the company’s Form 10-Qs, Form 10-K and in the company’s other filings with the U.S. Securities and Exchange Commission or in materials incorporated therein by reference.

Statements in this communication regarding the strategic acquisition that are forward-looking may include projections as to closing date for the transaction, the extent of, and the time necessary to obtain, the regulatory approvals required for the transaction, the anticipated benefits of the transaction, the impact of the transaction on IBM’s business, the synergies from the transaction, and the combined company’s future operating results.

Any forward-looking statement in this release speaks only as of the date on which it is made. Except as required by law, the company assumes no obligation to update or revise any forward-looking statements.

Presentation of Information in this Press Release

For generative AI, book of business includes Software transactional revenue, SaaS Annual Contract Value and Consulting signings. The generative AI book of business is further defined within Exhibit 99.2 in the Form 8-K that includes this press release.

In an effort to provide investors with additional information regarding the company’s results as determined by generally accepted accounting principles (GAAP), the company has also disclosed in this press release the following non-GAAP information, which management believes provides useful information to investors:

IBM results —

adjusting for currency (i.e., at constant currency);
presenting operating (non-GAAP) earnings per share amounts and related income statement items;
free cash flow;
adjusted EBITDA.

The rationale for management’s use of these non-GAAP measures is included in Exhibit 99.2 in the Form 8-K that includes this press release and is being submitted today to the SEC.

Conference Call and Webcast

IBM’s regular quarterly earnings conference call is scheduled to begin at 5:00 p.m. ET, today. The Webcast may be accessed via a link at https://www.ibm.com/investor/events/earnings-3q24. Presentation charts will be available shortly before the Webcast.

Financial Results Below (certain amounts may not add due to use of rounded numbers; percentages presented are calculated from the underlying whole-dollar amounts).

Contact:       IBM
                      Sarah Meron, 347-891-1770
                      sarah.meron@ibm.com

                      Tim Davidson, 914-844-7847
                      tfdavids@us.ibm.com

INTERNATIONAL BUSINESS MACHINES CORPORATION

COMPARATIVE FINANCIAL RESULTS

(Unaudited; Dollars in millions except per share amounts)

 
 

Three Months Ended
September 30,

 
 

Nine Months Ended
September 30,

 
 

2024

 
 

2023 (1)

 
 

2024

 
 

2023 (1)

 

REVENUE BY SEGMENT

 
 
 
 
 
 
 
 
 
 
 

Software

$                   6,524

 
 

$                   5,947

 
 

$                19,162

 
 

$                17,832

 

Consulting

5,152

 
 

5,178

 
 

15,517

 
 

15,601

 

Infrastructure

3,042

 
 

3,272

 
 

9,764

 
 

9,988

 

Financing

181

 
 

186

 
 

543

 
 

566

 

Other

68

 
 

170

 
 

214

 
 

491

 

TOTAL REVENUE

14,968

 
 

14,752

 
 

45,199

 
 

44,479

 
 
 
 
 
 
 
 
 
 
 
 
 

GROSS PROFIT

8,420

 
 

8,023

 
 

25,112

 
 

24,033

 
 
 
 
 
 
 
 
 
 
 
 
 

GROSS PROFIT MARGIN

 
 
 
 
 
 
 
 
 
 
 

Software

83.2

%

 

82.3

%

 

83.1

%

 

82.3

%

Consulting

28.4

%

 

27.6

%

 

26.7

%

 

26.3

%

Infrastructure

55.0

%

 

53.7

%

 

55.3

%

 

54.0

%

Financing

47.2

%

 

49.7

%

 

48.2

%

 

47.5

%

 
 
 
 
 
 
 
 
 
 
 
 

TOTAL GROSS PROFIT MARGIN

56.3

%

 

54.4

%

 

55.6

%

 

54.0

%

 
 
 
 
 
 
 
 
 
 
 
 

EXPENSE AND OTHER INCOME

 
 
 
 
 
 
 
 
 
 
 

S,G&A

4,911

 
 

4,458

 
 

14,823

 
 

14,212

 

R,D&E

1,876

 
 

1,685

 
 

5,512

 
 

5,027

 

Intellectual property and custom development income

(238)

 
 

(190)

 
 

(696)

 
 

(618)

 

Other (income) and expense

2,244

 
 

(215)

 
 

1,694

 
 

(721)

 

Interest expense

429

 
 

412

 
 

1,288

 
 

1,202

 

TOTAL EXPENSE AND OTHER INCOME

9,222

 
 

6,150

 
 

22,621

 
 

19,102

 
 
 
 
 
 
 
 
 
 
 
 
 

INCOME/(LOSS)  FROM CONTINUING OPERATIONS

BEFORE INCOME TAXES

(802)

 
 

1,873

 
 

2,491

 
 

4,931

 

Pre-tax margin

(5.4)

%

 

12.7

%

 

5.5

%

 

11.1

%

Provision for/(Benefit from) income taxes

(485)

 
 

159

 
 

(597)

 
 

702

 

Effective tax rate

60.4

%

 

8.5

%

 

(24.0)

%

 

14.2

%

 
 
 
 
 
 
 
 
 
 
 
 

INCOME/(LOSS) FROM CONTINUING OPERATIONS

$                     (317)

 
 

$                   1,714

 
 

$                   3,088

 
 

$                   4,229

 
 
 
 
 
 
 
 
 
 
 
 
 

DISCONTINUED OPERATIONS

 
 
 
 
 
 
 
 
 
 
 

Income/ (loss) from discontinued operations, net of taxes

(13)

 
 

(10)

 
 

21

 
 

(15)

 
 
 
 
 
 
 
 
 
 
 
 
 

NET INCOME/(LOSS) (2)

$                     (330)

 
 

$                   1,704

 
 

$                   3,109

 
 

$                   4,214

 
 
 
 
 
 
 
 
 
 
 
 
 

EARNINGS/(LOSS) PER SHARE OF COMMON STOCK (2)

 
 
 
 
 
 
 
 
 
 
 

Assuming Dilution

 
 
 
 
 
 
 
 
 
 
 

Continuing Operations

$                    (0.34)

 
 

$                      1.86

 
 

$                      3.30

 
 

$                      4.59

 

Discontinued Operations

$                    (0.01)

 
 

$                    (0.01)

 
 

$                      0.02

 
 

$                    (0.02)

 

TOTAL

$                    (0.36)

 
 

$                      1.84

 
 

$                      3.32

 
 

$                      4.58

 
 
 
 
 
 
 
 
 
 
 
 
 

Basic

 
 
 
 
 
 
 
 
 
 
 

Continuing Operations

$                    (0.34)

 
 

$                      1.88

 
 

$                      3.36

 
 

$                      4.65

 

Discontinued Operations

$                    (0.01)

 
 

$                    (0.01)

 
 

$                      0.02

 
 

$                    (0.02)

 

TOTAL

$                    (0.36)

 
 

$                      1.87

 
 

$                      3.38

 
 

$                      4.63

 
 
 
 
 
 
 
 
 
 
 
 
 

WEIGHTED-AVERAGE NUMBER OF COMMON SHARES

OUTSTANDING (M’s)

 
 
 
 
 
 
 
 
 
 
 

Assuming Dilution

923.6

 
 

923.7

 
 

935.4

 
 

920.3

 

Basic

923.6

 
 

912.8

 
 

920.3

 
 

910.1

 

____________________

(1)  Recast to reflect January 2024 segment changes.

(2)  2024 includes the impact of a one-time, non-cash, pension settlement charge of $2.7 billion ($2.0 billion net of tax).

 

 

INTERNATIONAL BUSINESS MACHINES CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEET

(Unaudited)

 

(Dollars in Millions)

 

At

September 30,
2024

 

At

December 31,
2023

ASSETS:

 
 
 
 

Current Assets:

 
 
 
 

Cash and cash equivalents

 

$                    13,197

 

$                    13,068

Restricted cash

 

17

 

21

Marketable securities

 

505

 

373

Notes and accounts receivable – trade, net

 

5,390

 

7,214

Short-term financing receivables, net

 

5,765

 

6,793

Other accounts receivable, net

 

928

 

640

Inventories

 

1,367

 

1,161

Deferred costs

 

966

 

998

Prepaid expenses and other current assets

 

2,408

 

2,639

Total Current Assets

 

30,543

 

32,908

 
 
 
 
 

Property, plant and equipment, net

 

5,614

 

5,501

Operating right-of-use assets, net

 

3,355

 

3,220

Long-term financing receivables, net

 

4,931

 

5,766

Prepaid pension assets

 

7,975

 

7,506

Deferred costs

 

788

 

842

Deferred taxes

 

6,943

 

6,656

Goodwill

 

61,092

 

60,178

Intangibles, net

 

11,090

 

11,036

Investments and sundry assets

 

2,009

 

1,626

Total Assets

 

$                  134,339

 

$                  135,241

 
 
 
 
 

LIABILITIES:

 
 
 
 

Current Liabilities:

 
 
 
 

Taxes

 

$                      1,584

 

$                      2,270

Short-term debt

 

3,599

 

6,426

Accounts payable

 

3,274

 

4,132

Deferred income

 

12,882

 

13,451

Operating lease liabilities

 

790

 

820

Other liabilities

 

6,725

 

7,022

Total Current Liabilities

 

28,853

 

34,122

 
 
 
 
 

Long-term debt

 

52,980

 

50,121

Retirement-related obligations

 

10,366

 

10,808

Deferred income

 

3,666

 

3,533

Operating lease liabilities

 

2,757

 

2,568

Other liabilities

 

11,186

 

11,475

Total Liabilities

 

109,809

 

112,628

 
 
 
 
 

EQUITY:

 
 
 
 

IBM Stockholders’ Equity:

 
 
 
 

Common stock

 

61,013

 

59,643

Retained earnings

 

149,789

 

151,276

Treasury stock – at cost

 

(169,935)

 

(169,624)

Accumulated other comprehensive income/(loss)

 

(16,418)

 

(18,761)

Total IBM Stockholders’ Equity

 

24,448

 

22,533

 
 
 
 
 

Noncontrolling interests

 

82

 

80

Total Equity

 

24,530

 

22,613

 
 
 
 
 

Total Liabilities and Equity

 

$                  134,339

 

$                  135,241

 

INTERNATIONAL BUSINESS MACHINES CORPORATION

CASH FLOW ANALYSIS

(Unaudited)

 
 
 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

(Dollars in Millions)

 

2024

 

2023

 

2024

 

2023

Net Cash from Operations per GAAP

 

$            2,881

 

$            3,055

 

$         9,115

 

$            9,468

 
 
 
 
 
 
 
 
 

Less: change in IBM Financing receivables

 

873

 

1,092

 

1,824

 

3,119

Capital Expenditures, net

 

55

 

(282)

 

(705)

 

(1,226)

 
 
 
 
 
 
 
 
 

Free Cash Flow

 

2,064

 

1,682

 

6,586

 

5,123

 
 
 
 
 
 
 
 
 

Acquisitions

 

(2,513)

 

(4,589)

 

(2,748)

 

(4,945)

Divestitures

 

2

 

(10)

 

705

 

(4)

Dividends

 

(1,542)

 

(1,515)

 

(4,601)

 

(4,522)

Non-Financing Debt

 

(383)

 

(942)

 

693

 

7,572

Other (includes IBM Financing net receivables and debt)

 

131

 

41

 

(379)

 

(1,068)

 
 
 
 
 
 
 
 
 

Change in Cash, Cash Equivalents, Restricted Cash and Short-term

Marketable Securities

 

$          (2,241)

 

$          (5,333)

 

$              257

 

$            2,156

 

INTERNATIONAL BUSINESS MACHINES CORPORATION

CASH FLOW

(Unaudited)

 
 
 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

(Dollars in Millions)

 

2024

 

2023

 

2024

 

2023

Net Income/(loss) from Operations

 

$                       (330)

 

$                     1,704

 

$                     3,109

 

$                     4,214

Pension Settlement Charge

 

2,725

 

–

 

2,725

 

–

Depreciation/Amortization of Intangibles (1)

 

1,268

 

1,093

 

3,555

 

3,243

Stock-based Compensation

 

330

 

286

 

966

 

843

Operating assets and liabilities/Other, net (2)

 

(1,984)

 

(1,119)

 

(3,063)

 

(1,952)

IBM Financing A/R

 

873

 

1,092

 

1,824

 

3,119

Net Cash Provided by Operating Activities

 

$                     2,881

 

$                     3,055

 

$                     9,115

 

$                     9,468

 
 
 
 
 
 
 
 
 

Capital Expenditures, net of payments & proceeds (3)

 

55

 

(282)

 

(705)

 

(1,226)

Divestitures, net of cash transferred

 

2

 

(10)

 

705

 

(4)

Acquisitions, net of cash acquired

 

(2,513)

 

(4,589)

 

(2,748)

 

(4,945)

Marketable Securities / Other Investments, net

 

869

 

2,927

 

(810)

 

(3,732)

Net Cash Provided by/(Used in) Investing Activities

 

$                    (1,587)

 

$                   (1,953)

 

$                   (3,558)

 

$                    (9,906)

 
 
 
 
 
 
 
 
 

Debt, net of payments & proceeds

 

(1,259)

 

(1,550)

 

(777)

 

4,619

Dividends

 

(1,542)

 

(1,515)

 

(4,601)

 

(4,522)

Financing – Other

 

35

 

(67)

 

(26)

 

(252)

Net Cash Provided by/(Used in) Financing Activities

 

$                    (2,766)

 

$                   (3,132)

 

$                   (5,403)

 

$                       (154)

 
 
 
 
 
 
 
 
 

Effect of Exchange Rate changes on Cash

 

207

 

(119)

 

(29)

 

(120)

Net Change in Cash, Cash Equivalents and Restricted Cash

 

$                    (1,264)

 

$                   (2,149)

 

$                        125

 

$                       (713)

____________________

(1)  Includes operating lease right-of-use assets amortization. 

(2)  Includes a $0.7 billion tax effect associated with the one-time, non-cash pension settlement charge in the third-quarter 2024. 

(3)  2024 includes proceeds of $0.4 billion from the sale of certain QRadar SaaS assets. 

 

INTERNATIONAL BUSINESS MACHINES CORPORATION

GAAP NET INCOME TO ADJUSTED EBITDA RECONCILIATION

(Unaudited)

 
 
 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

(Dollars in Billions)

 

2024

 

2023

 

Yr/Yr

 

2024

 

2023

 

Yr/Yr

Net Income/(Loss) as reported (GAAP) (1)

 

$         (0.3)

 

$           1.7

 

$         (2.0)

 

$           3.1

 

$           4.2

 

$         (1.1)

Less: Income/(loss) from discontinued operations, net of tax

 

0.0

 

0.0

 

0.0

 

0.0

 

0.0

 

0.0

Income/(Loss) from continuing operations

 

(0.3)

 

1.7

 

(2.0)

 

3.1

 

4.2

 

(1.1)

Provision for/(Benefit from) income taxes from continuing ops.

 

(0.5)

 

0.2

 

(0.6)

 

(0.6)

 

0.7

 

(1.3)

Pre-tax income/(loss) from continuing operations (GAAP)

 

(0.8)

 

1.9

 

(2.7)

 

2.5

 

4.9

 

(2.4)

Non-operating adjustments (before tax)

 
 
 
 
 
 
 
 
 
 
 
 

Acquisition-related charges (2)

 

0.5

 

0.4

 

0.1

 

1.5

 

1.2

 

0.2

Non-operating retirement-related costs/(income) (1)

 

2.8

 

0.0

 

2.8

 

3.0

 

0.0

 

3.0

 
 
 
 
 
 
 
 
 
 
 
 
 

Operating (non-GAAP) pre-tax income/(loss) from continuing ops.

 

2.5

 

2.3

 

0.2

 

6.9

 

6.1

 

0.8

 
 
 
 
 
 
 
 
 
 
 
 
 

Net interest expense

 

0.3

 

0.3

 

0.0

 

0.7

 

0.7

 

0.0

Depreciation/Amortization of non-acquired intangible assets

 

0.7

 

0.7

 

0.0

 

2.1

 

2.0

 

0.1

Stock-based compensation

 

0.3

 

0.3

 

0.0

 

1.0

 

0.8

 

0.1

Workforce rebalancing charges

 

0.3

 

0.0

 

0.3

 

0.7

 

0.4

 

0.3

Corporate (gains) and charges (3)

 

(0.4)

 

0.0

 

(0.3)

 

(0.6)

 

0.0

 

(0.6)

 
 
 
 
 
 
 
 
 
 
 
 
 

Adjusted EBITDA

 

$           3.8

 

$           3.5

 

$           0.2

 

$        10.8

 

$        10.1

 

$           0.8

____________________

(1) 2024 includes the impact of a one-time, non-cash pension settlement charge of $2.7 billion ($2.0 billion net of tax). 

(2) Primarily consists of amortization of acquired intangible assets. 

(3) Corporate (gains) and charges primarily consists of unique corporate actions such as gains on divestitures and asset sales (e.g., certain QRadar SaaS assets). 

 

INTERNATIONAL BUSINESS MACHINES CORPORATION

SEGMENT DATA

(Unaudited)

 
 
 

Three Months Ended September 30, 2024

 
 
 
 
 
 
 
 
 
 
 
 
 
 

(Dollars in Millions)

 

Software

 
 

Consulting

 
 

Infrastructure

 
 

Financing

 

Revenue

 

$                       6,524

 
 

$                        5,152

 
 

$                        3,042

 
 

$                            181

 

Segment Profit

 

$                       1,969

 
 

$                           559

 
 

$                           422

 
 

$                              86

 

Segment Profit Margin

 

30.2

%

 

10.9

%

 

13.9

%

 

47.5

%

Change YTY Revenue

 

9.7

%

 

(0.5)

%

 

(7.0)

%

 

(2.5)

%

Change YTY Revenue – Constant Currency

 

9.6

%

 

(0.2)

%

 

(6.7)

%

 

(1.3)

%

 
 

Three Months Ended September 30, 2023 (1)

 
 
 
 
 
 
 
 
 
 
 
 
 
 

(Dollars in Millions)

 

 Software

 
 

Consulting

 
 

Infrastructure

 
 

Financing

 

Revenue

 

$                       5,947

 
 

$                        5,178

 
 

$                        3,272

 
 

$                            186

 

Segment Profit

 

$                       1,722

 
 

$                           566

 
 

$                           490

 
 

$                              91

 

Segment Profit Margin

 

29.0

%

 

10.9

%

 

15.0

%

 

49.2

%

__________________

(1) Recast to reflect January 2024 segment changes. 

 
 

Nine Months Ended September 30, 2024

 
 
 
 
 
 
 
 
 
 
 
 
 
 

(Dollars in Millions)

 

Software

 
 

Consulting

 
 

Infrastructure

 
 

Financing

 

Revenue

 

$                     19,162

 
 

$                     15,517

 
 

$                       9,764

 
 

$                           543

 

Segment Profit

 

$                       5,582

 
 

$                       1,447

 
 

$                       1,387

 
 

$                           254

 

Segment Profit Margin

 

29.1

%

 

9.3

%

 

14.2

%

 

46.9

%

Change YTY Revenue

 

7.5

%

 

(0.5)

%

 

(2.3)

%

 

(4.1)

%

Change YTY Revenue – Constant Currency

 

8.0

%

 

1.1

%

 

(1.2)

%

 

(3.1)

%

 
 

Nine Months Ended September 30, 2023 (1)

 
 
 
 
 
 
 
 
 
 
 
 
 
 

(Dollars in Millions)

 

 Software

 
 

Consulting

 
 

Infrastructure

 
 

Financing

 

Revenue

 

$                     17,832

 
 

$                     15,601

 
 

$                       9,988

 
 

$                           566

 

Segment Profit

 

$                       4,850

 
 

$                       1,476

 
 

$                       1,529

 
 

$                           256

 

Segment Profit Margin

 

27.2

%

 

9.5

%

 

15.3

%

 

45.2

%

____________________

(1) Recast to reflect January 2024 segment changes. 

 

INTERNATIONAL BUSINESS MACHINES CORPORATION

U.S. GAAP TO OPERATING (Non-GAAP) RESULTS RECONCILIATION

(Unaudited; Dollars in millions except per share amounts)

 
 

Three Months Ended September 30, 2024

 
 

Continuing Operations

 
 

GAAP

 
 

Acquisition-

Related

Adjustments (1)

 
 

Retirement-

Related

Adjustments (2)

 
 

Tax

Reform

Impacts

 
 

Operating

(Non-GAAP)

 

Gross Profit

$       8,420

 
 

$                          192

 
 

$                                     —

 
 

$                       —

 
 

$           8,612

 

Gross Profit Margin

56.3

%

 

1.3

pts

 

—

pts

 

—

pts

 

57.5

%

S,G&A

$       4,911

 
 

$                        (300)

 
 

$                                     —

 
 

$                       —

 
 

$           4,611

 

Other (Income) & Expense

2,244

 
 

—

 
 

(2,797)

 
 

—

 
 

(553)

 

Total Expense & Other (Income)

9,222

 
 

(300)

 
 

(2,797)

 
 

—

 
 

6,125

 

Pre-tax Income/(Loss) from Continuing Operations

(802)

 
 

492

 
 

2,797

 
 

—

 
 

2,487

 

Pre-tax Income Margin from Continuing Operations

(5.4)

%

 

3.3

pts

 

18.7

pts

 

—

pts

 

16.6

%

Provision for/(Benefit from) Income Taxes (3)

$        (485)

 
 

$                          119

 
 

$                                  700

 
 

$                       (2)

 
 

$              332

 

Effective Tax Rate

60.4

%

 

(7.2)

pts

 

(39.8)

pts

 

(0.1)

pts

 

13.4

%

Income/(Loss) from Continuing Operations

$        (317)

 
 

$                          373

 
 

$                               2,097

 
 

$                        2

 
 

$           2,155

 

Income Margin from Continuing Operations

(2.1)

%

 

2.5

pts

 

14.0

pts

 

0.0

pts

 

14.4

%

Diluted Earnings/(Loss) Per Share: Continuing

Operations (4)

$       (0.34)

 
 

$                         0.40

 
 

$                                 2.27

 
 

$                   0.00

 
 

$             2.30

 
 
 
 
 

Three Months Ended September 30, 2023

 
 

Continuing Operations

 
 

GAAP

 
 

Acquisition-

Related

Adjustments (1)

 
 

Retirement-

Related

Adjustments (2)

 
 

Tax

Reform

Impacts

 
 

Operating

(Non-GAAP)

 

Gross Profit

$       8,023

 
 

$                          162

 
 

$                                     —

 
 

$                       —

 
 

$           8,185

 

Gross Profit Margin

54.4

%

 

1.1

pts

 

—

pts

 

—

pts

 

55.5

%

S,G&A

$       4,458

 
 

$                        (277)

 
 

$                                     —

 
 

$                       —

 
 

$           4,181

 

Other (Income) & Expense

(215)

 
 

0

 
 

12

 
 

—

 
 

(203)

 

Total Expense & Other (Income)

6,150

 
 

(277)

 
 

12

 
 

—

 
 

5,885

 

Pre-tax Income/(Loss) from Continuing Operations

1,873

 
 

438

 
 

(12)

 
 

—

 
 

2,299

 

Pre-tax Income Margin from Continuing Operations

12.7

%

 

3.0

pts

 

(0.1)

pts

 

—

pts

 

15.6

%

Provision for/(Benefit from) Income Taxes (3)

$          159

 
 

$                            99

 
 

$                                   (14)

 
 

$                      24

 
 

$              268

 

Effective Tax Rate

8.5

%

 

2.7

pts

 

(0.5)

pts

 

1.0

pts

 

11.7

%

Income/(Loss) from Continuing Operations

$       1,714

 
 

$                          340

 
 

$                                      1

 
 

$                     (24)

 
 

$           2,031

 

Income Margin from Continuing Operations

11.6

%

 

2.3

pts

 

0.0

pts

 

(0.2)

pts

 

13.8

%

Diluted Earnings/(Loss) Per Share: Continuing

Operations

$         1.86

 
 

$                         0.37

 
 

$                                 0.00

 
 

$                  (0.03)

 
 

$             2.20

 

____________________

(1)    Includes amortization of purchased intangible assets, in process R&D, transaction costs, applicable restructuring and related expenses, tax charges related to acquisition integration and pre-closing charges, such as financing costs.

(2)    Includes amortization of prior service costs, interest cost, expected return on plan assets, amortized actuarial gains/losses, the impacts of any plan curtailments/settlements and pension insolvency costs and other costs. 2024 also includes the impact of a one-time, non-cash, pre-tax pension settlement charge of  $2.7 billion ($2.0 billion net of tax).

(3)    Tax impact on operating (non-GAAP) pre-tax income from continuing operations is calculated under the same accounting principles applied to the As Reported pre-tax income under ASC 740, which employs an annual effective tax rate method to the results.

(4)   Operating (non-GAAP) earnings per share was calculated using 938.4 million shares, which includes 14.9 million dilutive potential shares under our stock-based compensation plans and contingently issuable shares. Due to the GAAP net loss for the three months ended September 30, 2024, these dilutive potential shares were excluded from the GAAP loss per share calculation as the effect would have been antidilutive. The difference in share count resulted in an additional $(0.04) reconciling item.

 

INTERNATIONAL BUSINESS MACHINES CORPORATION

U.S. GAAP TO OPERATING (Non-GAAP) RESULTS RECONCILIATION

(Unaudited; Dollars in millions except per share amounts)

 
 

Nine Months Ended September 30, 2024

 
 

Continuing Operations

 
 

GAAP

 
 

Acquisition-

Related

Adjustments (1)

 
 

Retirement-

Related

Adjustments (2)

 
 

Tax

Reform

Impacts (3)

 
 

Operating

(Non-GAAP)

 

Gross Profit

$     25,112

 
 

$                         533

 
 

$                                  —

 
 

$                   —

 
 

$         25,645

 

Gross Profit Margin

55.6

%

 

1.2

pts

 

—

pts

 

—

pts

 

56.7

%

S,G&A

$     14,823

 
 

$                       (854)

 
 

$                                  —

 
 

$                   —

 
 

$         13,969

 

Other (Income) & Expense

1,694

 
 

(68)

 
 

(2,991)

 
 

—

 
 

(1,364)

 

Total Expense & Other (Income)

22,621

 
 

(922)

 
 

(2,991)

 
 

—

 
 

18,709

 

Pre-tax Income/(Loss) from Continuing Operations

2,491

 
 

1,454

 
 

2,991

 
 

—

 
 

6,936

 

Pre-tax Income Margin from Continuing Operations

5.5

%

 

3.2

pts

 

6.6

pts

 

—

pts

 

15.3

%

Provision for/(Benefit from) Income Taxes (4)

$        (597)

 
 

$                         374

 
 

$                               731

 
 

$                434

 
 

$              942

 

Effective Tax Rate

(24.0)

%

 

10.4

pts

 

20.9

pts

 

6.3

pts

 

13.6

%

Income/(Loss) from Continuing Operations

$      3,088

 
 

$                      1,081

 
 

$                            2,259

 
 

$               (434)

 
 

$           5,994

 

Income Margin from Continuing Operations

6.8

%

 

2.4

pts

 

5.0

pts

 

(1.0)

pts

 

13.3

%

Diluted Earnings/(Loss) Per Share: Continuing

Operations

$        3.30

 
 

$                        1.16

 
 

$                              2.42

 
 

$              (0.46)

 
 

$             6.41

 
 
 
 
 

Nine Months Ended September 30, 2023

 
 

Continuing Operations

 
 

GAAP

 
 

Acquisition-

Related

Adjustments (1)

 
 

Retirement-

Related

Adjustments (2)

 
 

Tax

Reform

Impacts

 
 

Operating

(Non-GAAP)

 

Gross Profit

$     24,033

 
 

$                         460

 
 

$                                  —

 
 

$                   —

 
 

$         24,492

 

Gross Profit Margin

54.0

%

 

1.0

pts

 

—

pts

 

—

pts

 

55.1

%

S,G&A

$     14,212

 
 

$                       (768)

 
 

$                                  —

 
 

$                   —

 
 

$         13,444

 

Other (Income) & Expense

(721)

 
 

(2)

 
 

16

 
 

—

 
 

(707)

 

Total Expense & Other (Income)

19,102

 
 

(770)

 
 

16

 
 

—

 
 

18,348

 

Pre-tax Income from Continuing Operations

4,931

 
 

1,229

 
 

(16)

 
 

—

 
 

6,144

 

Pre-tax Income Margin from Continuing

Operations

11.1

%

 

2.8

pts

 

0.0

pts

 

—

pts

 

13.8

%

Provision for/(Benefit from) Income Taxes (4)

$          702

 
 

$                         277

 
 

$                                (27)

 
 

$                 (91)

 
 

$              861

 

Effective Tax Rate

14.2

%

 

1.7

pts

 

(0.4)

pts

 

(1.5)

pts

 

14.0

%

Income from Continuing Operations

$       4,229

 
 

$                         953

 
 

$                                  11

 
 

$                  91

 
 

$           5,283

 

Income Margin from Continuing Operations

9.5

%

 

2.1

pts

 

0.0

pts

 

0.2

pts

 

11.9

%

Diluted Earnings Per Share: Continuing

Operations

$         4.59

 
 

$                        1.04

 
 

$                              0.01

 
 

$               0.10

 
 

$             5.74

 

____________________

(1)    Includes amortization of purchased intangible assets, in process R&D, transaction costs, applicable restructuring and related expenses, tax charges related to acquisition integration and pre-closing charges, such as financing costs. 2024 also includes a loss of $68 million on foreign exchange derivative contracts entered into by the company prior to the acquisition of StreamSets and webMethods from Software AG.

(2)    Includes amortization of prior service costs, interest cost, expected return on plan assets, amortized actuarial gains/losses, the impacts of any plan curtailments/settlements and pension insolvency costs and other costs. 2024 also includes the impact of a one-time, non-cash, pre-tax pension settlement charge of  $2.7 billion ($2.0 billion net of tax).

(3)   2024 includes a net benefit from discrete tax events.

(4)   Tax impact on operating (non-GAAP) pre-tax income from continuing operations is calculated under the same accounting principles applied to the As Reported pre-tax income under ASC 740, which employs an annual effective tax rate method to the results.

   

INTERNATIONAL BUSINESS MACHINES CORPORATION

GAAP OPERATING CASH FLOW TO ADJUSTED EBITDA RECONCILIATION

(Unaudited)

 
 
 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

(Dollars in Billions)

 

2024

 

2023

 

2024

 

2023

Net Cash Provided by Operating Activities

 

$           2.9

 

$             3.1

 

$           9.1

 

$           9.5

 
 
 
 
 
 
 
 
 

Add:

 
 
 
 
 
 
 
 

Net interest expense

 

0.3

 

0.3

 

0.7

 

0.7

Provision for/(Benefit from) income taxes from continuing operations

 

(0.5)

 

0.2

 

(0.6)

 

0.7

 
 
 
 
 
 
 
 
 

Less change in:

 
 
 
 
 
 
 
 

Financing receivables

 

0.9

 

1.1

 

1.8

 

3.1

Other assets and liabilities/other, net (1)

 

(2.0)

 

(1.2)

 

(3.5)

 

(2.3)

 
 
 
 
 
 
 
 
 

Adjusted EBITDA

 

$           3.8

 

$             3.5

 

$        10.8

 

$        10.1

____________________

(1)    Other assets and liabilities/other, net mainly consists of operating assets and liabilities/Other, net in the Cash Flow chart, workforce 

         rebalancing charges, non-operating impacts and corporate (gains) and charges. 

 

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Technology

Caladium Systems Launches Happiffie, India’s First AI-powered Celebration Platform

Published

16 minutes ago

on

July 24, 2026

By

CHENNAI, India, July 24, 2026 /PRNewswire/ — Caladium Systems today announced the launch of Happiffie, India’s first AI-powered Celebration Growth Platform, introducing a smarter way for customers to discover, compare, book, and manage celebrations while helping businesses connect with high-intent customers through intelligent technology.

Designed for weddings, birthdays, corporate events, social celebrations, parties, festivals, and more, Happiffie brings together over 400 celebration occasions and 1,000+ celebration experiences on a single AI-powered platform.

India’s celebrations industry continues to rely heavily on referrals, manual coordination, inconsistent pricing, and fragmented vendor discovery. Happiffie addresses these challenges by combining AI-powered recommendations, transparent price discovery, secure bookings, payments, and event management into one seamless platform.

A key innovation is Happiffie’s Reverse Auction, where customers simply submit their celebration requirements and verified vendors compete by offering customised proposals. Instead of spending hours searching and negotiating, customers can compare multiple qualified offers and choose the vendor that best matches their preferences and budget.

“Customers can now book the experience of their choice with the vendor of their choice, in the budget of their choice. At the same time, vendors receive qualified business opportunities matched to their category, location and capabilities, creating value for both sides of the marketplace,” said Pradhyumna T Venkat, Founder & CEO, Happiffie.

“Every major industry eventually reaches a point where technology fundamentally changes how it operates. Travel did. Hospitality did. Mobility did. We believe celebrations are next,” added Pradhyumna.

The platform is powered by Experience Intelligence™, a proprietary framework that combines over 15 years of celebration industry expertise with Artificial Intelligence to deliver smarter recommendations based on customer intent, preferences, and celebration needs.

Whether planning a wedding, birthday, corporate event, baby shower, anniversary, or festival celebration, customers can manage the entire journey—from vendor discovery and quotations to payments and execution—through a single platform.

Alongside its launch, Happiffie has opened registrations for vendor partners across Chennai and Tamil Nadu, with a phased expansion planned across India. The platform aims to build one of the country’s largest AI-powered celebration ecosystems, helping businesses generate qualified leads and grow more efficiently.

“Our vision is not simply to build another marketplace but to create the technology infrastructure that powers celebrations. Reverse Auction is the first step towards building a smarter, more transparent, and AI-driven celebration economy that benefits both customers and businesses alike,” added Pradhyumna.

Built on the experience of planning and executing over 5,000 weddings and celebrations, Happiffie combines deep industry expertise with AI to simplify celebration planning and transform how India celebrates.

For more information, visit www.happiffie.com. Vendor registrations are now open at www.happiffie.com/vendor-registration.

About Happiffie

Happiffie is India’s first AI-powered Celebration Platform, connecting customers, venues, event professionals, and celebration businesses through one intelligent ecosystem. Built on over 15 years of industry expertise, the platform combines Artificial Intelligence with Experience Intelligence™ to deliver smarter celebration planning across more than 1,000 celebration experiences spanning weddings, corporate events, birthdays, social celebrations, parties, and festivals.

Contact

Pradhyumna T Venkat
Founder & CEO
pradhyumna@happiffie.com
+91-7299002990

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Beko Publishes 2025 Integrated Report, Charting Years of Progress Toward Net Zero

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16 minutes ago

on

July 24, 2026

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As Beko releases its 2025 Integrated Report, the company’s third consecutive inclusion on TIME’s global sustainability ranking — retaining the #1 position in its industry — underscores the progress documented within it.

ISTANBUL, July 24, 2026 /PRNewswire/ — Beko published its 2025 Integrated Report, offering a comprehensive account of the company’s financial, environmental and social performance over the past year. In parallel, Beko has been named one of TIME Magazine’s World’s Most Sustainable Companies for the third year running, retaining the #1 position in its industry. The recognition, awarded in partnership with Statista, independently corroborates years of deliberate, measurable progress.

The report documents concrete results across Beko’s global manufacturing footprint. In 2025:

Energy efficiency projects across production sites saved 69,562 GJ of energy, avoiding 5,297 tonnes of CO₂e emissions.Waste recycling across all manufacturing facilities reached 98.6%, against a target of 99%.Renewable energy installed capacity reached 96 MWp, up from 90.2 MWp the prior year. Beko also reached 63.5% green electricity on the path to 100% across all manufacturing by 2030.Water efficiency and rainwater harvesting projects across locations delivered total water savings of 219,114 m3.

Behind these figures is a broader manufacturing transformation. Three of Beko’s manufacturing facilities have been recognised within the World Economic Forum’s Global Lighthouse Network, with the Ulmi plant earning the additional, and rarer, designation of Sustainability Lighthouse. The principles behind Ulmi’s approach are being extended across Beko’s broader manufacturing ecosystem, as the company scales low-impact production. Beko currently operates 13 smart factories globally — equipped with artificial intelligence, machine learning and robotics capabilities — with a target of 17 by the end of 2026.

On the circular economy side, Beko’s refurbishment centres across multiple locations reintroduced more than 148,000 appliances into the market in 2025 alone. The company recycled 1.98 million WEEE units through its own recycling facilities since 2014, and used 31,665 tonnes of recycled plastics in its products in 2025.

Across its product portfolio, 72.6% of Beko’s turnover in 2025 came from low-carbon products — a figure that reflects both the scale of the company’s energy-efficient product range and growing consumer demand for appliances that address environmental concerns.

“Being recognised by TIME three years in a row matters because it reflects that sustainability is a foundational part of Beko’s business,” said Can Dinçer, CEO of Beko. “Our factories undergo a twin transformation where we encounter both decarbonization and digitalization. That progress is deliberate and measurable, and our Integrated Report sets out exactly how. As the world prepares for COP31, the most credible thing a company can do is demonstrate its work rather than declare it. That is what we are doing.”

TIME’s annual list evaluates more than 5,000 companies worldwide across environmental and social performance, transparency and ESG reporting. Beko’s continued inclusion under increasingly rigorous standards points to a business model where sustainability is structurally embedded across operations, supply chains and product portfolios.

In addition to its Integrated Report, the Company has also published its second TSRS-compliant sustainability report, prepared in accordance with the Türkiye Sustainability Reporting Standards (TSRS), Türkiye’s adoption of the IFRS Sustainability Disclosure Standards issued by the International Sustainability Standards Board (ISSB). The report is publicly available and provides detailed disclosures on the company’s climate-related risks, opportunities, governance, strategy and performance.

About Beko

Beko is an international home appliance company with a strong global presence, operating through subsidiaries in more than 55 countries with a workforce of around 45,000 employees and production facilities spanning multiple regions—including Europe, Asia, Africa, and the Middle East. Beko has 22 brands owned or used with a limited license (Arçelik, Beko, Whirlpool*, Grundig, Hotpoint, Arctic, Ariston*, Leisure, Indesit, Blomberg, Defy, Dawlance, Hitachi*, Voltas Beko, Singer*, ElektraBregenz, Flavel, Bauknecht, Privileg, Altus, Ignis, Polar). Beko is the largest white goods company in Europe with its market share (based on volumes) and reached a consolidated turnover of 10.7 billion Euros in 2025. Beko’s 28 R&D and Design Centers & Offices across the globe are home to over 2,000 R&D employees and hold more than 4,500 international registered patent applications to date. The company has achieved the highest score in the S&P Global Corporate Sustainability Assessment (CSA) in the DHP Household Durables industry for the seventh consecutive year (based on the results dated 16 October 2025).** The company has been recognized as the 89th most sustainable company on TIME Magazine and Statista’s 2026 list of the World’s Most Sustainable Companies and has been the sector leader for three consecutive years. Beko’s vision is ‘Respecting the World, Respected Worldwide.’ 

www.bekocorporate.com

*Licensee limited to certain jurisdictions.
**The data presented belongs to Arçelik A.Ş., a parent company of Beko.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/beko-publishes-2025-integrated-report-charting-years-of-progress-toward-net-zero-302833974.html

SOURCE Beko

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JustMarkets Releases Market Analysis on How Foreign Exchange Markets React to CPI Surprises

Published

16 minutes ago

on

July 24, 2026

By

HO CHI MINH CITY, Vietnam, July 24, 2026 /PRNewswire/ — JustMarkets today released a new market analysis examining how foreign exchange markets react to Consumer Price Index (CPI) surprises and outlining key considerations for traders preparing for inflation data releases. The analysis explains why the gap between actual CPI data and market expectations, rather than the headline inflation figure itself, is often the primary driver of currency market movements.

What people often miss on CPI day is that the number itself isn’t what moves the market. The common reaction is to check whether the headline number is high or low, but it’s all priced in advance. According to JustMarkets, the real driver of EUR/USD is the gap between the actual number and what the market was positioned for.

Even an unchanged reading can cause dollar weakness if traders expect higher inflation, while weaker numbers that beat consensus expectations may drive dollar strength. Citing Federal Reserve research, the price driver is a surprise component rather than the headline.

Why the Expectation Gap Is More Important Than the Level

Forex is driven by expectations for interest rate decisions, with inflation impacting central bank policy. Key factors influencing this reaction include:

Main factors:

Monthly CPI and core CPICore services inflationRevisions to the previous period dataCentral banks policy pricing

Year-over-year data is less important in terms of price impact than monthly and core data.

How to Calculate Surprise

Start with the simplest metric: Surprise = Actual CPI − Consensus CPI. 

Consensus comes from the economic calendar’s forecast and reflects the market positioning. And then you need to check the market reaction through rates. The sequence typically runs: CPI surprise → change in front-end yields → USD movement → the sentiment adjustment.

Traders frequently employ this methodology in combination with the JustMarkets Economic Calendar to track high-impact releases in real time.

What the Intraday Move Actually Looks Like

CPI reactions usually happen in three stages. The first one is a headline shock with the potential algorithm’s reaction within a few seconds. Then comes the interpretation stage, with a time frame of 15-60 minutes and analysis of core numbers and yield confirmation. And then either continuation or reversal happens.

Approaches to Trading CPI Day

There are two common approaches to CPI.

The momentum approach requires the consistency of headlines and core surprises with yields’ confirmation. Most traders wait until the first minute’s candle is closed to avoid false signals.The fade approach requires dislocations like the absence of yield confirmation to FX movement or dislocations between headlines and core numbers. In this case, traders wait 10−20 minutes for exhaustion of the initial move and reversal setup search.

Risk management is crucial. Most traders limit their position size to 0.25%-0.50% of their equity because of widening spreads and slippage. Sometimes the decision to trade off is more optimal during extreme volatility than forced entry.

One Way to Prepare for the Next CPI Day Release

A simple way to get ready is to monitor EUR/USD, GBP/USD, USD/JPY pairs and an economic calendar with events’ importance. The workflow is simple: Economic calendar → release → Trading platform.

The final step brings traders to the execution platform. Many turn to JustMarkets, which offers CFDs on these currency pairs, with execution stability and fast market access that make it well suited for high-volatility macro events.

Disclaimer: For informational purposes only. Trading financial instruments involves significant risk and may not be suitable for all investors. Ensure you understand the risks involved and trade responsibly.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/justmarkets-releases-market-analysis-on-how-foreign-exchange-markets-react-to-cpi-surprises-302834023.html

SOURCE Just Global Markets Ltd

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