Mubasher: International Business Machines Corporation (IBM) posted a 3% year-on-year increase in its net income, recording $2.4 billion in the second quarter of of 2018.

IBM generated $20 billion in total revenues in Q2-18, 4% higher than $19.2 billion in Q2-17, recording the third consecutive quarter of revenue growth after five years of annual declines.

The tech giant’s earnings per share (EPS) from continuing operations rose 5% to $2.61 in the period between April and June, compared to $2.48 during the same period last year.

In the first half of this year, IBM’s net income was flat at $4.1 billion, while revenues grew 4% to $39.1 billion compared to 37.4 billion during the same period.

The New York-based company’s EPS increased to $4.45 in H1-18 compared to $4.35 in H1-17.

The US company projects operating EPS of at least $11.60 for this year, with a cash flow of approximately $12 billion.

"We delivered strong revenue and profit growth in the quarter, underscoring IBM's progress and momentum in the emerging, high-value segments of the IT industry," IBM’s CEO Ginni Rometty said.

“More clients are engaging IBM on their journey to the cloud, and deploying IBM Cloud, Watson AI, analytics, blockchain and security solutions,” Rometty added.