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IBM Q2 2024 earnings results beat revenue and EPS expectations

IBM stock is up after the company reported a revenue and earnings beat in Q2.

Donovan Erskine

July 24, 2024 2:20 PM

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IBM, one of America’s most notable tech companies, has released its earnings report for Q2 2024. The report shows a beat on Wall Street’s revenue and earnings expectation, spelling good news for the stock in after-hours trading.

IBM published its earnings report for Q2 2024 after the close of markets today. The tech company posted $15.8 billion in revenue for the quarter, managing to beat analysts’ expectation of $15.6 billion. As for earnings-per-share, the company tallied $2.43 in earnings-per-share, beating the $2.25 expectation.

"We had a strong second quarter, exceeding our expectations, driven by growth in both revenue and free cash flow. We continue to see that clients turn to IBM for our technology and our expertise in enterprise AI, and our book of business for generative AI has grown to more than two billion dollars since the launch of watsonx one year ago," said Arvind Krishna, IBM chairman and chief executive officer. "Given our first-half results, we are raising our full-year view of free cash flow, which we now expect to be more than $12 billion."

IBM shares saw a sharp rise in after-hours trading after the release of its earnings report. Reaching as high as $192 in valuation after ending the day at $184.33. For more of the biggest financial news coming out of the tech industry this week, count on Shacknews.

Donovan Erskine

News Editor

Donovan is a young journalist from Maryland, who likes to game. His oldest gaming memory is playing Pajama Sam on his mom's desktop during weekends. Pokémon Emerald, Halo 2, and the original Star Wars Battlefront 2 were some of the most influential titles in awakening his love for video games. After interning for Shacknews throughout college, Donovan graduated from Bowie State University in 2020 with a major in broadcast journalism and joined the team full-time. He is a huge Scream nerd and film fanatic that will talk with you about movies and games all day. You can follow him on twitter @Donimals_