04:55 PM EDT, 04/24/2024 (MT Newswires) -- IBM ( IBM ) reported Q1 non-GAAP earnings Wednesday of $1.68 per diluted share, up from $1.36 a year earlier.

Analysts polled by Capital IQ expected $1.59.

Revenue in the quarter ended March 31 rose to $14.5 billion from $14.3 billion a year earlier.

Analysts expected $14.5 billion.

In 2024, the company is projecting revenue to grow in the mid-single percentage digit range.

IBM ( IBM ) also agreed to buy HashiCorp ( HCP ) , a multicloud infrastructure automation company, for $6.4 billion in cash, or $35 a share, confirming earlier reports.

The deal is subject to approval by regulators and HashiCorp ( HCP ) shareholders, the companies said Wednesday.

IBM ( IBM ) shares fell 6.8% in after-hours trading, and HashiCorp ( HCP ) gained 4.7%.

Price: 171.50, Change: -12.60, Percent Change: -6.84