International Business Machines Corporation (NYSE:IBM) Q2 2024 Earnings Conference Call July 24, 2024 5:00 PM ET
Company Participants
Olympia McNerney - Global Head of Investor Relations
Arvind Krishna - Chairman and Chief Executive Officer
Jim Kavanaugh - Senior Vice President and Chief Financial Officer
Conference Call Participants
Wamsi Mohan - Bank of America
Toni Sacconaghi - Bernstein
Amit Daryanani - Evercore ISI
Jim Schneider - Goldman Sachs
Ben Reitzes - Melius Research
Erik Woodring - Morgan Stanley
Matt Swanson - RBC Capital Markets
Operator
Welcome and thank you for standing-by. At this time, all participants are in a listen-only mode. Today's conference is being recorded. If you have any objections, you may disconnect at this time.
Now, I will turn the meeting over to Olympia McNerney, IBM's Global Head of Investor Relations. Olympia, you may begin.
Olympia McNerney
Thank you. I'd like to welcome you to IBM's Second Quarter 2024 Earnings Presentation. I'm Olympia McNerney and I'm here today with Arvind Krishna, IBM's Chairman and Chief Executive Officer and Jim Kavanaugh, IBM's Senior Vice President and Chief Financial Officer.
We'll post today's prepared remarks on the IBM investor website within a couple of hours and a replay will be available by this time tomorrow. To provide additional information to our investors, our presentation includes certain non-GAAP measures. For example, all of our references to revenue and signings growth are at constant currency. We provided reconciliation charts for these and other non-GAAP financial measures at the end of the presentation, which is posted to our investor website.
Finally, some comments made in this presentation may be considered forward-looking under the Private Securities Litigation Reform Act of 1995. These statements involve factors that could cause our actual results to differ materially. Additional information about these factors is included in the company's SEC filings.
So with that, I'll turn the call over to Arvind.
Arvind Krishna
Thank you for joining us today to discuss IBM's Second Quarter Earnings. We delivered a strong quarter, exceeding our expectations, driven by solid revenue growth, profitability, and cash-flow generation. We had strong performance in software and infrastructure above our model as investment in innovation is yielding organic growth, while consulting remained below model. Our results underscore the continued success of our hybrid cloud and AI strategy and the strength of our diversified business.
Let me start with a few comments on the macroeconomic environment. Technology spending remains robust as it continues to serve as a key competitive advantage, allowing businesses to scale, drive efficiencies and fuel growth. As we stated last quarter, factors such as interest rates and inflation impacted timing of decision making and discretionary spend in consulting. Overall, we remain confident in the positive macro outlook for technology spending, but acknowledge this impact.