IBM earns 13.7% more in the second quarter and highlights its commitment to AI

MADRID, 20 Jul.

IBM earns 13.7% more in the second quarter and highlights its commitment to AI


International Business Machines (IBM) registered a net profit of 1,583 million dollars (1,408 million euros) between April and June, which represents an increase of 13.7% compared to the result of the same period the previous year, reported the multinational.

The turnover of 'Big Blue' in the second quarter reached 15,475 million dollars (13,768 million euros), 0.4% below the income recorded a year earlier.

IBM's turnover grew 7.2% in the software business, up to 6,608 million dollars (5,879 million euros), including an 11% increase in sales of Red Hat, while revenue from the consulting area totaled 5,013 million dollars (4,460 million euros), 4.2% more.

In contrast, revenue from the infrastructure business decreased by 14.6%, to 3,618 million dollars (3,219 million euros).

In this way, in the first six months of 2023 the multinational obtained a net profit of 2,511 million dollars (2,234 million euros), 18.2% more than in the first half of the previous year, while revenues remained stable at 29,727 million dollars (26,447 million euros).

"We continue to respond to the needs of our clients for trusted enterprise AI solutions and are particularly excited about the response to the recently launched watsonx artificial intelligence platform," said Arvind Krishna, IBM Chairman and CEO.

In this regard, IBM's senior vice president and chief financial officer, James Kavanaugh, noted that IBM has leveraged its strong cash position to invest in growth, announcing seven acquisitions to bolster its hybrid cloud and artificial intelligence strategy.

On the other hand, for the 2023 financial year as a whole, the company continues to expect revenue growth of 3% to 5%, as well as free cash flow of 10,500 million dollars (9,341 million euros).