IBM sees net income rise 16% to $1.8B in 2nd quarter

Business for generative AI grows to over $2B since launch of Watsonx -- IBM's commercial generative AI and scientific data platform based on the cloud

By Ovunc Kutlu

ISTANBUL (AA) - IBM saw its net income rise 16% to $1.8 billion in the second quarter of 2024, according to its financial results statement released Wednesday.

Its total revenue showed a slight increase of 2% to $15.8 billion in the April-June period.

While software and infrastructure revenue were up 7% and 1%, respectively, consulting revenue was down 1%, the results showed.

IBM Chairman and CEO Arvind Krishna said the company continues to see clients turning to IBM for its technology and expertise in enterprise artificial intelligence (AI).

Krishna added that its business for generative AI has grown to more than $2 billion since the launch of Watsonx a year ago -- IBM's commercial generative AI and scientific data platform based on the cloud.

The company, in addition, raised its full-year view of free cash flow, which it now expects to be more than $12 billion.

IBM's stock price was up 2.9% during after-hours trading on the New York Stock Exchange after the closing bell.

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