IBM Q2 revenue $15.5B, op. EPS $2.18; software up 8%, consulting up 6%

INTERNATIONAL BUSINESS MACHINES CORP

2023-Q2 EPS reported $2.73 revenue$29,727,000,000

Revenue of $15.5B; operating pre-tax income $2.4B; free cash flow $2.1B in Q2, $3.5B first half.
Software revenue +8% (cc) led by Red Hat (+11%) and Data & AI (+11%); Consulting +6% with broad-based growth.
Infrastructure -14% reflecting z16 cycle wrap; full-year Infrastructure revenue expected to decline, impacting IBM overall by >1 point.
Full-year 2023 outlook reaffirmed: 3-5% revenue growth (cc), ~$10.5B free cash flow, operating pre-tax margin +0.5pt YoY.
Announced planned acquisition of Apptio to boost IT automation; watsonx AI platform launched in early July.

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