IBM’s earnings buoyed by Red Hat and hybrid cloud strategy

  • IBM’s overall Q2 revenue slipped 0.4% year-on-year to $15.5 billion, while its infrastructure business declined 14.6%.
  • Software revenues grew 7.2% to $6.6 billion, largely thanks to Red Hat which increased 11%, vindicating its $34 billion acquisition in 2018.
  • With investments in hybrid cloud approach and AI strategy, IBM foresees a potential future revenue growth of 3% to 5% and a $10.5 billion free cash flow increase.
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