IBM said that its revenues for the six-month period (H1) ended June 30, 2021 totalled $36.5 billion, an increase of 2 percent year to year compared with $35.7 billion for the first six months of 2020.

Net income was $2.3 billion, down 10 percent year to year.  Diluted earnings per share was $2.52 compared with $2.83 per diluted share for the 2020 period, a decrease of 11 percent.

“In the second quarter client adoption of our hybrid cloud platform contributed to strong performance in Global Business Services and software and drove improved overall revenue growth.  At the same time, we continued to help clients infuse our AI-based technology offerings into their core business workflows," said Arvind Krishna, IBM chairman and chief executive officer.  "We are pleased with our progress and we remain on track to deliver full-year revenue growth and meet our cash flow objective.”

“We expanded operating margins and grew profit dollars in the quarter, providing a key contribution to our cash performance," said James Kavanaugh, IBM senior vice president and chief financial officer.  "In the first half of the year we increased adjusted free cash flow, invested in strategic acquisitions to strengthen our hybrid cloud and AI capabilities, continued to deleverage and, consistent with our commitment, again increased our dividend.”

The company expects to grow revenue for the full year 2021 based on mid-July 2021 foreign exchange rates.  The company continues to expect adjusted free cash flow of $11 billion to $12 billion in 2021.- TradeArabia News Service