IBM Rallies Most in Four Years on Rosy Outlook for 2024 (1)

International Business Machines Corp. jumped the most in almost four years after delivering a positive outlook for revenue and cash flow in 2024, even as it expects to reduce jobs.

Free cash flow will be about $12 billion in the year ending in December, the company said Wednesday in a statement. Analysts, on average, estimated $10.9 billion, according to data compiled by Bloomberg. Revenue will grow in the “mid-single digits,” the company said. Analysts projected about 3% sales growth.

IBM has focused on streamlining its operations around software and services in recent years, divesting managed infrastructure, weather and health ...