Shares of International Business Machines (NYSE:IBM) increased by nearly 5% yesterday after the company beat Q3 profit expectations and maintained its guidance.

IBM posted an adjusted EPS of $2.20 on revenue of $14.75 billion, slightly surpassing analyst predictions of $2.12 EPS on $14.73 billion revenue. Software revenue, encompassing its AI platform, grew 8%, consulting revenue went up by 6%, while infrastructure revenue declined by 2%.

The tech giant confirmed its projected 3-5% revenue growth on a constant currency basis and maintained its 2023 free cash flow forecast of around $10.5 billion.