IBM(US:IBM)2024-07-24 23:32Financial Performance Highlights - IBM's 2Q24 revenue reached $15.8 billion, showing a 4% growth[11] - The company's operating gross profit margin expanded by 190 basis points, and the pre-tax margin expanded by 220 basis points[11] - Operating pre-tax income grew by 17%, while diluted EPS increased by 11%[11] - Year-to-date free cash flow reached $4.5 billion, a $1.1 billion increase year-over-year[11] - Adjusted EBITDA for 2Q24 was $4.0 billion, a $0.4 billion increase year-over-year[26] Segment Performance - Software revenue grew by 8% to $6.7 billion, with Hybrid Platform & Solutions growing by 6%[13] - Consulting revenue increased by 2% to $5.2 billion[14] - Infrastructure revenue grew by 3% to $3.6 billion, with Hybrid Infrastructure up by 6%[16] Strategic Initiatives and Future Outlook - IBM's generative AI book of business has grown to over $2 billion since the launch of watsonx one year ago[6] - The company is raising its full-year free cash flow expectation to over $12 billion[6] - IBM anticipates revenue growth at constant currency in line with mid-single digit model and is raising operating pre-tax margin expansion to over half a point for 2024[21]