(Updated - July 18, 2022 4:10 PM EDT)

IBM (NYSE: IBM) reported Q2 EPS of $2.31, $0.04 better than the analyst estimate of $2.27. Revenue for the quarter came in at $15.5 billion versus the consensus estimate of $15.09 billion.

• "In the quarter we delivered good revenue performance with balanced growth across our geographies, driven by client demand for our hybrid cloud and AI offerings. The IBM team executed our strategy well," said Arvind Krishna, IBM chairman and chief executive officer. "With our first half results, we continue to expect full-year revenue growth at the high end of our mid-single digit model."

Full-Year 2022 Expectations:

• Revenue growth: The company continues to expect constant currency revenue growth at the high end of its mid-single digit model. The company also expects an additional 3.5 point contribution from incremental sales to Kyndryl. At mid-July 2022 foreign exchange rates, currency is expected to be about a six-point headwind.
• Free Cash Flow: The company now expects about $10 billion in consolidated free cash flow.

For earnings history and earnings-related data on IBM (IBM) click here.