Tech giant IBM has wrapped up its second quarter with a 28pc increase in net profit, while total revenue tumbled by 2pc to US$24.4bn.
IBM’s second-quarter net profit amounted to US$4.1bn, up from US$3.2bn in the year-ago quarter. On an adjusted basis, the company earned US$4.32 per share.
IBM’s software business also saw a boost in revenue – albeit of only 1pc – to US$6.5bn, compared with the second quarter of 2013.
Hardware revenue decreased, however, by 11pc to US$3.3bn compared to the same quarter last year.
The financial results come as IBM attempts to shift to higher-end businesses, such as big data, security, mobile services and cloud computing.
Ginni Rometty, the company’s chairman, president and CEO, said IBM made further progress in its transformation during the second quarter.
“We performed well in our strategic imperatives around cloud, big data and analytics, security and mobile,” said Rometty.
“We will continue to extend and leverage our unique strengths to address the emerging trends in enterprise IT and transform our business, positioning ourselves for growth over the long term.”
IBM sign image via Shutterstock
Get your early bird tickets now!