Market Updates
IBM Revenue Growth Hit by Strong Dollar
Scott Peters
18 Jul, 2022
New York City
IBM revenues in the quarter rose and earnings surged despite the headwinds from a strong dollar.
However, the tech company tightened its free cash flow outlook for the year.
IBM said second quarter revenues increased 9% to $15.5 billion.
Net income rose to $1.39 billion or $1.61 a diluted share from $1.33 billion or $1.47 a share.
Net income from continuing operations surged 81% to $1.5 billion or $1.61 a diluted share from $810 million or $0.90 a share.
Software revenues increased 6% to $6.17 billion, consulting revenues rose 10% to $4.81 billion, and infrastructure revenues rose 19% to $4.24 billion.
Hybrid cloud revenues surged 16% to $21.7 billion in the past 12 months.
Gross margin in the quarter declined to 53.4% from 55.2% in the quarter a year ago and said consulting unit margin faced headwind on the rising costs of talent.
IBM
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