The company’s revenues were up by 3% YoY to $18.74bn in the reported quarter


An IBM building in Amsterdam, the Netherlands. (Credit: Mark Ahsmann/Wikimedia Commons)

International Business Machines (IBM) has posted a net income of $1.32bn for the second quarter of 2021 (Q2 2021), a 1% decrease compared to $1.36bn in the same quarter of the previous year.

In the previous quarter, that is Q1 2021, the company’s net income was $955m.

The diluted earnings per share for the three months ended 30 June 2021 were $1.47, a reduction of 3% compared to $1.52 in Q2 2020.

The company’s total revenue for the reported quarter was $18.74bn, an increase of 3%, compared to $18.12bn earned in Q2 2020. In the previous quarter, the company’s total revenue was $17.73bn.

IBM’s cloud and cognitive software unit posted revenues of $6.1bn in Q2 2021, which is a year-over-year (YoY) increase of 6.1%, compared to $5.74bn in Q2 2020.

The global business services unit revenues for the reported quarter were up by 11.6% to $4.3bn, compared to $3.89bn in the same quarter of the previous year.

IBM’s global technology services business had posted revenues of $6.34bn in Q2 2021, which is up by 0.4%, compared to $6.31bn in Q2 2020.

The systems business of the company had a 7.3% decrease in revenues in Q2 2021 to $1.7bn from $1.85bn reported in the corresponding quarter of 2020.

On the other hand, Red Hat’s revenue was up by 20% YoY for the reported quarter.

IBM said that its debt is now $55.2bn, following a reduction of $6.4bn since year-end 2020.

IBM chairman and CEO Arvind Krishna said: “In the second quarter client adoption of our hybrid cloud platform contributed to strong performance in Global Business Services and software and drove improved overall revenue growth.

“At the same time, we continued to help clients infuse our AI-based technology offerings into their core business workflows.

“We are pleased with our progress and we remain on track to deliver full-year revenue growth and meet our cash flow objective.”

Earlier this month, the company signed a deal to buy BoxBoat Technologies, a US-based DevOps consultancy and enterprise Kubernetes certified service provider.