The company’s total revenue for the reported quarter was $15.53bn, a 9% increase, compared to $14.21bn earned in Q2 2021
IBM Southbank facility located in London. (Credit: Pete McClymont/Wikimedia Commons)
International Business Machines (IBM) has reported a net income of $1.39bn for the second quarter of 2022 (Q2 2022) that ended 30 June 2022, an increase of 5% compared to $1.32bn in the same quarter of the previous year.
The company’s net profit in the previous quarter, that is Q1 2022, was $733m.
Its diluted earnings per share (EPS) for Q2 2022 were $1.53, compared to $1.47 in the corresponding quarter of the previous year.
IBM’s total revenue for the reported quarter was $15.53bn, an increase of 9%, compared to $14.21bn earned in Q2 2021. In the preceding quarter, the company’s total revenue was nearly $14.2bn.
The company’s software unit earned revenues of $6.1bn in Q2 2022, which is a year-over-year (YoY) increase of 6%, compared to $5.8bn in Q2 2021. The unit includes hybrid platform and solutions and transaction processing.
Its consulting business, which includes business transformation, technology consulting, and application operations, reported a 10% growth in Q2 2022 revenues at $4.8bn. The revenues for the business in Q2 2021 were $4.37bn.
IBM’s infrastructure revenue was up by 19% to $4.23bn in the reported quarter, compared to $3.56bn in the same quarter of the previous year. The business unit provides hybrid Infrastructure and infrastructure support.
IBM chairman and CEO Arvind Krishna said: “In the quarter we delivered good revenue performance with balanced growth across our geographies, driven by client demand for our hybrid cloud and AI offerings. The IBM team executed our strategy well.
“With our first half results, we continue to expect full-year revenue growth at the high end of our mid-single digit model.”
Earlier this month, IBM acquired Databand.ai, an Israeli data observability software provider, for an undisclosed price. Through the acquisition, the former expects to strengthen its software portfolio across data, artificial intelligence (AI), and automation.