Posted 3/21/2024, 10:39:00 AM
IBM Reports Flat Revenue but Rising Margins in Second Quarter
- Q2 revenues of $15.8 billion, flat in U.S. dollars and local currency compared to Q2 last year
- GAAP operating margin of 13.0%, up 70 basis points; adjusted operating margin of 13.7%
- GAAP diluted EPS of $2.63, up 10%; adjusted EPS of $2.77, up 3%
- New bookings of $21.6 billion, second highest ever; generative AI bookings over $600 million
- Updates full year fiscal 2024 outlook expects revenue growth 1-3% local currency; GAAP operating margin 14.8%; adjusted operating margin 15.5%
