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IBM Corp | 8-K: IBM 2q24 Earnings Prepared Remarks

SEC ·  Jul 25 13:14

Summary by Moomoo AI

IBM Corp reported a strong second quarter in 2024, with Chairman and CEO Arvind Krishna and CFO Jim Kavanaugh presenting the earnings on July 24, 2024. The company saw solid revenue growth, profitability, and cash flow generation, driven by robust performance in Software and Infrastructure, while Consulting remained below model. IBM's hybrid cloud and AI strategy, including the introduction of watsonx and generative AI, has been a key growth driver. The company's AI strategy focuses on smaller, cost-effective models and hybrid cloud deployment, with open-source Granite models and tools like InstructLab for model tuning. IBM's generative AI-related business has already exceeded $2 billion, with a significant portion coming from consulting signings. Investments in automation, including the acquisition of...Show More
IBM Corp reported a strong second quarter in 2024, with Chairman and CEO Arvind Krishna and CFO Jim Kavanaugh presenting the earnings on July 24, 2024. The company saw solid revenue growth, profitability, and cash flow generation, driven by robust performance in Software and Infrastructure, while Consulting remained below model. IBM's hybrid cloud and AI strategy, including the introduction of watsonx and generative AI, has been a key growth driver. The company's AI strategy focuses on smaller, cost-effective models and hybrid cloud deployment, with open-source Granite models and tools like InstructLab for model tuning. IBM's generative AI-related business has already exceeded $2 billion, with a significant portion coming from consulting signings. Investments in automation, including the acquisition of Apptio and the planned acquisition of HashiCorp, have contributed to growth. IBM Z continues to be integral in clients' hybrid cloud environments, with the z16 cycle performing well. Quantum computing advancements were also highlighted, with updates to Qiskit. The company raised its free cash flow expectations to over $12 billion for the year, reflecting confidence in its business fundamentals and investment strategy.

This announcement is a separate document:

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