IBM (IBM) this afternoon reported Q2 revenue of $23.7 billion, up 2% from a year ago, and a bit below the Street consensus at $24.2 billion, while profits of $2.61 a share were three cents ahead of the Street.
The company also said it now sees full year profits of at least $11.25 a share, up from a previous forecast of at least $11.20 a share.
Software revenue was up 2%; systems and technology revenue was up 3%; and services revenue was up 2%.
Services backlog was $129 billion, up $1 billion adjusted for currency.
Revenues were up 3% in the Americas, or 2% adjusted for currency. EMEA was down 6%, or 1% adjusted for currency. Asia/Pacific was up 9%, or 3% adjusted for currency.
Gross margin was 45.6%, versus 45.5% a year ago.
The company ended the quarter with $12.2 billion in cash.
IBM in late trading is down $4.29, or 3.3%, to $125.50.
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