International Business Machines Corporation (IBM) announced on Wednesday that its revenue in the second quarter of fiscal 2024 stood at $15.8 billion, increasing 2% year over year and beating analysts' expectations.
Diluted earnings per share were $1.96 in the second trimester, 14% higher than in the same period in 2021, while gross profit and net income surged 5% and 16%, respectively, to $8.9 billion and $1.8 billion.
"We had a strong second quarter, exceeding our expectations, driven by growth in both revenue and free cash flow. We continue to see that clients turn to IBM for our technology and our expertise in enterprise AI, and our book of business for generative AI has grown to more than two billion dollars since the launch of Watsonx one year ago," IBM Chairman and CEO Arvind Krishna noted.
Company shares gained 3.81% in late trading after the release of the report.
