IBM CEO Arvind Krishna optimistic about tech spending, beats Q2 expectations.

From CNBC: 2024-07-24 18:05:06

IBM CEO Arvind Krishna attended the AI Insight Forum in Capitol Hill. IBM shares surged 5% in after-hours trading, beating Q2 expectations. Revenue hit $15.77 billion, up 1.9% from last year. Net income rose to $1.83 billion. IBM expects 2024 cash flow to exceed $12 billion, with generative AI business surpassing $2 billion.

CEO Krishna remains optimistic about tech spending despite geopolitical uncertainty. IBM’s software revenue reached $6.74 billion, consultancy contributed $5.18 billion, and infrastructure hit $3.65 billion. The company announced intention to acquire HashiCorp for $6.4 billion and sell QRadar cloud assets to Palo Alto Networks. IBM shares are up 14% YTD.



Read more at CNBC:: IBM Q2 earnings report 2024