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IBM: Q2 2022 Earnings Update

Industry: IT Services
Current: Company Performance

IBM reported revenue growth of 9% in Q2 2022 on an annual basis
IBM reported GAAP earnings per share (EPS) of $1.61
IBM continues to expect constant currency revenue growth at the high end of its mid-single digit model

On July 19, 2022, IBM reported Q2 revenue of $15.5 billion (an increase of 9% year-over-year and 16% growth at constant currency) on Non-GAAP earnings per share (EPS) of $2.31.

Summary: IBM’s Q2 2022 revenue grew 9% as compared to the same period in 2021 owing to increased client demand for its hybrid cloud and AI offerings. IBM reports its revenues across four segments: Software, Consulting, Infrastructure, and Financing.

Software segment grew by 6.4% vs 2021 (up 11.6% at constant currency) with revenue of $6.2 billion
Consulting segment grew by 9.8% vs 2021 (up 17.8% at constant currency) with revenue of $4.8 billion
Infrastructure segment grew by 19% vs 2021 (up 25.4% at constant currency) with revenue of $4.2 billion
Financing segment declined by 29.9% vs 2021 (down 26.6% at constant currency) with revenue of $0.1 billion

The company reported GAAP operating margins of 11.1% during Q2 2022, a year-over-year increase of 4.7 bps. On the bottom line, the company reported a GAAP EPS of $1.61, whereas the Non-GAAP earnings came to $2.31 per share.

Guidance: IBM expectations for the full year 2022 -

Revenue growth: The company continues to expect constant currency revenue growth at the high end of its mid-single digit model.
Free Cash Flow: The company now expects about $10 billion in consolidated free cash flow.

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