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IBM (NYSE:IBM) reported its Q2 results, with EPS of $2.31 coming in better than the consensus estimate of $2.27. Revenue rose 9% year-over-year (or 16% at constant currency) to $15.5 billion, compared to the consensus estimate of $15.09 billion.
Software revenues, which include Hybrid Platform & Solutions, and Transaction Processing, grew 6.4% (or 11.6% at constant currency) to $6.2 billion. Consulting revenues, which include Business Transformation, Technology Consulting, and Application Operations, grew 9.8% (or 17.8% at constant currency) to $4.8 billion. Infrastructure revenues, which include Hybrid Infrastructure, and Infrastructure Support, grew 19% (or 25.4% at constant currency) to $4.2 billion. Financing revenues, which include client and commercial financing, grew 29.9% (or 26.6% at constant currency) to $0.1 billion.
“In the quarter we delivered good revenue performance with balanced growth across our geographies, driven by client demand for our hybrid cloud and AI offerings. The IBM team executed our strategy well,” said CEO Arvind Krishna. “With our first half results, we continue to expect full-year revenue growth at the high end of our mid-single digit model.”
The company reiterated its full 2022-year guidance, expecting constant currency revenue growth at the high end of its mid-single digit model and about $10 billion in consolidated free cash flow.
Shares are trading 2.5% lower after-hours Monday.
