$IBM slightly beat expectations. Infrastructure weakness remains the biggest concern. AI demand is creating opportunities for IBM software and consulting. $QQQ $SPY ✅ EPS: $2.93 vs $2.86 est. (+2.5%) ✅ Revenue: $17.16B vs $16.86B est. (+1.8%) 📈 Software: +5% YoY ➡️ Consulting: Flat 📉 Infrastructure: -7% YoY Why It Matters • Software remained the company's strongest business, driven by Red Hat, hybrid cloud, and AI demand. • Consulting was essentially unchanged from last year. • Infrastructure revenue declined 7% as IBM Z mainframe sales slowed and some enterprise purchases were delayed. • Management reaffirmed confidence in long term AI and software growth, but near term revenue expectations were reduced after infrastructure weakness and delayed enterprise deals. Investors are still waiting for AI growth to materially accelerate IBM's revenue.
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