Published , by Donovan Erskine
Published , by Donovan Erskine
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.