IBM sees FY25 tax rate in the mid-teens

Says sees strong traction in generative AI. Says revenue growth was led by software. Says in the near term, uncertainty may cause clients to pause and take a wait-and-see approach. Says accelerated productivity initiatives drove strong adjusted EBITDA margin expansion. Says more cautious on consulting’s contribution to the company. Says expects operating pre-tax operating margin to expand by over half a point. Comments and guidance taken from Q1 earnings conference call.