IBM reported its second quarter fiscal 2013 earnings on Wednesday night, with numbers that aren’t particularly impressive. Yet there is a light at the end of the tunnel for IBM and it’s likely in the cloud.
For the quarter, IBM reported revenue of $24.9 billion, which is a 3 percent year-over-year decline. Net Income was reported at $3.2 billion for a 17 percent decline over the second quarter of 2012.
Part of IBM’s woes come from a slump in its hardware business. IBM’s Systems and Technology unit revenues came in at $3.8 billion for the quarter, which is an 11 percent decline. One area where IBM is being hit hard is with its Power Systems which had a 25 percent year-over-year revenue decline.