International Business (IBM) Q2 2024 Earnings Report

In Q2 2024, International Business Machines Corporation (IBM) delivered a robust performance with reported revenue of $15.8 billion, up 4% year-over-year at constant currency, and net income of $1.834 billion, translating into diluted earnings per share (EPS) of $1.96. Key drivers of growth included a notable 8% increase in the Software segment, propelled by advancements in AI and hybrid cloud solutions, alongside a 3% gain in Infrastructure revenue. However, the Consulting segment faced headwinds, with growth limited to 2% due to tighter discretionary spending. Management's commentary underlined a strong focus on AI integration, leading to confidence in maintaining sustainable growth despite near-term challenges in consulting.