IBM reports better-than-expected earnings, maintains full-year guidance | CNBC

Zero instances of "Watson" in the IBM Q2 press release [PDF]

"IBM’s revenue fell 4% from a year earlier even as earnings grew 3%, the company said in a statement. Year-over-year revenue has now declined for the fourth quarter in a row.

IBM’s biggest business segment, Global Technology Services — which includes technology support services as well as infrastructure and cloud services — produced $6.84 billion in revenue, down almost 7% and below the $7 billion consensus estimate among analysts surveyed by FactSet.

The GTS business is “declining ~3% as the company repositions this portfolio for higher profitability and growth,” Stifel analysts led by David Grossman wrote in a note on July 9. “Declines are likely to remain at these levels through most of this year as the company exits lower margin capital intensive business and culls low growth/margin relationships from the portfolio.”"

IBM reports better-than-expected earnings, maintains full-year guidance | CNBC