IBM’s (NYSE:IBM) shares saw a significant rise of over 9% on Thursday following the announcement of its Q4 earnings, which exceeded analysts’ expectations for both earnings per share (EPS) and revenue.

The technology and consulting giant reported a Q4 EPS of $3.87, surpassing the Street estimate of $3.77. Its revenue for the quarter was reported at $17.38 billion, exceeding the analysts’ prediction of $17.23 billion.

Breaking down the revenue, IBM’s software segment contributed $7.51 billion, a 3.1% increase year-over-year, but slightly below Wall Street’s expectations of $7.69 billion. The consulting segment brought in $5.05 billion, marking a 5.8% rise from the previous year and narrowly missing the expected $5.11 billion.

The company’s infrastructure revenue was notably strong at $4.6 billion, a 2.7% year-over-year increase and higher than the anticipated $4.35 billion.

IBM forecasts a free cash flow of $12 billion for the entire fiscal year, which is higher than the analyst estimate of $10.92 billion. Furthermore, IBM anticipates its revenue to grow by approximately 4-6% in 2024, surpassing the Wall Street projection of about 3%.

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