IBM reported second quarter earnings of $3.34 per share, up from $3 per share in the second quarter of 2011, an increase of 11 percent. Second-quarter net income was $3.9 billion, up from $3.7 billion in the second quarter of 2011, an increase of 6 percent. Revenues for the quarter of $25.8 billion were down 3 percent from the second quarter of 2011. Currency factors hurt revenue growth by approximately $1 billion.
“In the second quarter, we delivered strong profit, earnings per share and free cash flow growth. This performance reflects continued strength in our growth initiatives and investments in higher value opportunities,” said Ginni Rometty, IBM president and CEO. “These are fundamental elements of our long-term business model.
“Looking ahead, we are well positioned to deliver greater value to a wider range of clients and to our shareholders. Given our performance in the first half and our outlook for the second half, we are raising our full-year operating earnings per share expectations to at least $15.10.”
