IBM Reports Weak Q2 with Just 1% Revenue Growth, Slashes Full-Year Outlook on Mainframe Plunge

According to BlockBeats, IBM reported second-quarter earnings on July 23, with revenue reaching $17.2 billion and growing just 1% year-over-year, falling short of expectations. Adjusted earnings per share came in at $2.93, also below consensus. The company cut its full-year revenue growth guidance from "over 5%" to "4% to 5%."

Mainframe systems revenue plummeted 42% year-over-year, dragging infrastructure services down 7%. Software offerings provided a bright spot, with revenue up 5% compared to the prior year.