IBM says exceeded expectations in Q2

Says based on strong first half performance, raising full-year outlook for free cash flow to more than $13.5B. Says generative AI book of business is accelerating, now more than $7.5B. Says gained market share across key solutions. Expects FY25 operating pre-tax margin to expand by about a point. Expects software revenue growth of double digits for FY25. Expects RedHat to grow in the mid-teens. Says “confident” in ability to deliver sustained growth. Says “comfortable” with Q3 estimates for revenue, profitability. Comments taken from Q2 earnings conference call.