IBM Q2 rev $15.8B (+2%, +4% cc), GAAP EPS $1.96, raises FCF view to >$12B

INTERNATIONAL BUSINESS MACHINES CORP

2024-Q2 EPS reported $3.68 revenue$30,231,000,000

Revenue $15.8B (+2%, +4% cc); GAAP EPS $1.96 (+14%), operating EPS $2.43 (+11%).
Software revenue $6.7B (+7%, +8% cc) led by Red Hat +7% and Automation +15%; consulting -1%, infra +1%.
Gross margin expanded: GAAP 56.8% (+180bps), operating 57.8% (+190bps); pre-tax margin up 110/220bps.
Raised full-year free cash flow expectation to >$12B; YTD FCF $4.5B (+$1.1B YoY).
Generative AI book of business since watsonx launch now >$2B; CEO cites strong client demand.

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