BlockBeats News, July 23rd, IBM released its Q2 earnings report. The company's revenue in the second quarter only grew by 1%, prompting a downward revision of its full-year revenue expectations due to a sharp decline in mainframe sales affecting performance. IBM's Q2 revenue was $17.2 billion, a year-over-year growth of about 1%. The adjusted earnings per share were $2.93, both below expectations. The full-year revenue growth forecast was revised from "over 5%" to "4% to 5%".

Mainframe sales plummeted by 42% year-on-year, dragging down the infrastructure business by 7%. The software business showed relative resilience with a 5% year-on-year revenue increase. As the company had already issued a profit warning a week ago, IBM's stock price rose by approximately 3% in after-hours trading.