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Jun 30, 2023
IBM Q2 2023 Earnings Report
IBM's second-quarter results were released, demonstrating solid growth in software and consulting revenue, alongside strong gross profit margin expansion.
Key Takeaways
IBM reported second-quarter revenue of $15.5 billion, a slight decrease of 0.4 percent year-over-year, but up 0.4 percent at constant currency. The company saw growth in software and consulting, with software revenue up 7 percent and consulting revenue up 4 percent. IBM continues to expect constant currency revenue growth of three percent to five percent and about $10.5 billion in free cash flow for the full year.
Revenue was $15.5 billion, down 0.4 percent, but up 0.4 percent at constant currency.
Software revenue increased by 7 percent, or 8 percent at constant currency.
Consulting revenue grew by 4 percent, or 6 percent at constant currency.
Infrastructure revenue decreased by 15 percent, or 14 percent at constant currency.
Forward Guidance
IBM continues to expect constant currency revenue growth of three percent to five percent. The company continues to expect about $10.5 billion in free cash flow, up more than $1 billion year to year.
Positive Outlook
- The company continues to expect constant currency revenue growth of three percent to five percent.
- Currency is expected to be neutral to revenue growth.
- The company continues to expect about $10.5 billion in free cash flow.
- Free cash flow is expected to be up more than $1 billion year to year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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