International Business Machines Corporation (NYSE: IBM) on Wednesday announced operating results for the second quarter of 2023, reporting a decline in adjusted earnings.
Total revenues were $15.5 billion in the second quarter of 2023, which is broadly unchanged from the prior-year period. Meanwhile, adjusted earnings from continuing operations declined to $2.18 per share from $2.31 per share in the year-ago period. On an unadjusted basis, June-quarter net profit was $1.58 billion or $1.72 per share, compared to $1.39 billion or $1.53 per share in the corresponding period of 2022.
“We continue to respond to the needs of our clients who seek trusted, enterprise AI solutions, and we are particularly excited about the response to the recently launched watsonx AI platform. Finally, we remain confident in our revenue and free cash flow growth expectations for the full year,” said IBM’s CEO Arvind Krishna.