美国科技巨头IBM（纽交所代码：IBM）公布了2025年第一季度财报后，股价在盘后交易中大跌5.08%，引发市场关注。尽管公司业绩超出市场预期，但投资者似乎对其未来增长前景持谨慎态度。
根据财报显示，IBM第一季度营收达145亿美元，略高于市场预期的143.8亿美元；净利润为10.5亿美元，同样超过分析师预期的9.46亿美元。然而，与去年同期的16.1亿美元相比，净利润出现明显下滑。公司毛利率为55.2%，软件业务收入为63亿美元，咨询业务收入为51亿美元。
尽管IBM表示对生成式AI的需求保持强劲，并维持了全年固定汇率收入增长至少5%的预期，但同时也承认宏观经济环境不稳定。这种矛盾的信号可能引发了投资者对公司未来增长潜力的担忧。此外，IBM预计全年自由现金流将降至约135亿美元，这可能进一步加剧了市场的忧虑情绪。在当前高估值的背景下，投资者似乎对IBM的长期增长前景和盈利能力持保留态度，导致股价在盘后交易中大幅下跌。
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