IBM down on Q2 profit miss, but co upbeat on AI and cash outlook
Earnings per share came in at $2.31, missing analysts' estimate of $2.65. Revenue rose to $17 billion, slightly above the consensus forecast of $16.59 billion.
CEO Arvind Krishna said IBM (NYSE:IBM) 'exceeded expectations for revenue...and free cash flow,' and pointed to growing demand for generative AI, with that segment's book of business now exceeding $7.5 billion.
The company lifted its full-year free cash flow outlook to over $13.5 billion, citing a strong first-half performance and expanding margins.CFO James Kavanaugh said portfolio mix and productivity initiatives had supported 'double-digit profit growth.'
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