The Clap IBM (NYSE:IBM) is up 6% during the year, putting it on top among big tech companies.
What A difficult economic situation saw markets suffer this year, with inflation, high interest rates, and supply chain disruptions all impacting markets globally.
Among tech companies with a $50bn+ market cap, IBM is among the only two stocks to close out the year with gains. The other stock was WMware, which is up 5% because it agreed in May to be acquired by Broadcom for $61 billion.
So What The post-COVID era proved to be challenging to tech companies as consumers returned to their old habits.
While IBM is trading above its historic range, the company is not a growth stock, with its growth rate in the single digits.
Now What IBM is aiming for mid-single-digit revenue growth through 2024, which will result in high single-digit free cash flow growth.