IBM reported its Global Financing unit, which includes financing and used equipment sales, Q2/16 revenue of $424 million was down 11.3% from $478 million for the same quarter in 2015. Year-to-date through June, revenue of $834 million was down 11.2% from $939 million for the same period a year earlier.

Q2/16 and year-to-date through June gross profit margins of 38.7% and 40.5%, respectively compared to 44.7% and 47.1% for the same year earlier periods.

At June 30, 2016 financing receivables of $25.9 billion were down 10.8% from $29.0 billion a year-end 2015.