For better or worse, IBM (NYSE:IBM) basically tracks the market for tech spending. That makes it a fine one-decision option for investors wanting general tech exposure, but it also means that investors should not expect leading-edge growth. IBM's results suggest that the tech market is still fairly healthy, and the valuation suggests investors still do not fully appreciate the company's virtues.
Services Rebound in Q2
IBM posted an all-around solid performance in the second quarter, as revenue exceeded even the high end of the analyst range. Reported revenue rose 12% for the quarter on an annual basis and 8% sequentially. Foreign currency was a powerful factor this quarter, as constant currency growth was 5% on an annual basis.
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