International Business Machines (NYSE: IBM) has reported excellent results for the second quarter of 2022. Adjusted earnings grew 43% year-over-year to $2.31 per share, beating the Street’s estimate of $2.27 per share. Revenues increased 9% to $15.5 billion, driven by demand for the company’s AI (artificial intelligence) and hybrid cloud products. Software revenues grew 6.4% to $6.2 billion; Consulting revenues totaled $4.8 billion, up 9.8%, and Infrastructure revenues rose 19% to $4.2 billion. However, Financing revenues declined almost 30% to $100 million.
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