IBM reported net income in Q2/17 was $2,332 million, down from $2,505 million in Q2/16. Total revenue of $19.3 billion was down from $20.2 billion for the same quarter a year earlier.

Reuters noted that IBM’s quarterly revenue missed analysts’ estimates as growth slowed in its higher-margin businesses that include cloud and artificial intelligence services, while demand for its legacy technology services fell.

Highlights relating to IBM Global Financing are shown below:

• IBM reported its Global Financing business Q2/17 revenues of $415 million, were down 2.2% from $424 million in the same quarter in 2016. Year-to -date through June 30, 2017, revenue was $819 million, down from $834 million a year earlier.
• Financing receivables at June 30, 2017 were $25,859 million, down 7.74% from $28.027 million at year-end 2016.
• Global Financing gross profit margin of 30.8% and 31.3% for Q2/17 and H1/17, respectively compared to 38.7% and 40.6% for the same periods in 2016.