Geopolitical events put pressure on IBM earnings
IBM delivered its Q2 2022 earnings last night, posting revenue of $15.5 billion, marking a 9% increase year-on-year at an adjusted gross profit margin of 54.5% for the quarter ending June 30.
However, the current geopolitical landscape is continuing to prove challenging for the technology vendor, as CFO James Kavanaugh told analysts that both currency headwinds and the impact from exiting the Russian market have put pressure on IBM's outlook.
“With the year-to-year lost business due to the winddown, Russia impacted our profit results by roughly a $100 million,” he said.