2 months ago
Key Takeaways
- IBM's second-quarter results surpassed gross and net expectations, lifting its shares successful after-hours trading.
- Software gross roseate 7% to $6.7 cardinal successful nan latest quarter.
- The institution said its generative AI business has grown to $2 billion.
International Business Machines (IBM) hit analysts’ expectations connected nan apical and bottommost lines pinch its second-quarter results Wednesday, sending shares higher successful aftermarket trading arsenic CEO Arvind Krishna pointed to nan company’s expanding artificial intelligence (AI) business.
The institution posted diluted earnings per share of $1.96 connected gross of $15.8 billion, supra projections of $1.74 per stock connected gross of $15.6 billion, per Visible Alpha. Software gross roseate 7% to $6.7 billion. IBM reiterated its full-year projection of mid-single-digit gross growth.
“We proceed to spot that clients move to IBM for our exertion and our expertise successful endeavor AI, and our book of business for generative AI has grown to much than $2 cardinal since nan motorboat of watsonx 1 twelvemonth ago," Krishna said.
Shares of nan institution roseate astir 3% aft nan closing bell. As of Wednesday's close, IBM's banal was up astir 13% successful 2024.
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