IBM has posted a solid set of financial results, bolstered by its Global Services outsourcing business.
Revenues from continuing operations for the second quarter of 2003 were $21.6bn, up 10 per cent on the same period in 2002.
Revenues from Global Services, including maintenance, increased 23 per cent to $10.6bn aided by the addition of the former PwC Consulting business.
EMEA revenues totalled $6.9bn, up 23 per cent. Asia-Pacific revenues improved 12 per cent (six per cent at constant currency) to $4.6bn.
In the Americas, second-quarter revenues from continuing operations were $9.5bn, an increase of five per cent from the 2002 period.
Personal Systems Group revenues declined three per cent to $2.7bn, primarily due to lower revenues from personal computers.
Technology Group revenues were $659m, down 34 per cent, partly for actions taken in 2002.
Revenues from software increased six per cent to $3.5bn. Middleware, which includes the WebSphere and DB2 product families, grew seven per cent to $2.7bn. Operating systems revenues increased five per cent to $589m.
OEM revenues across all geographies decreased 30 per cent to $588m compared with the second quarter of 2002. Total hardware revenues from continuing operations decreased one per cent to $6.6bn.
"Once again, IBM delivered a solid quarter despite the challenging economic environment," said Sam Palmisano, chairman and chief executive, in a statement.
Palmisano added: "Most importantly, we are encouraged by the acceptance of our e-business on-demand strategy as more customers realise the productivity gains associated with becoming an on-demand business.
"IBM Global Services delivered strong double-digit revenue growth reinforcing our leadership position in IT services.
He said he was also pleased with IBMs small and medium-sized business market, strengthened by a new line of 'Express' solutions aimed at the needs of this fast growing customer base.
The company's total gross profit margin from continuing operations was 37 per cent, unchanged from the same period in 2002.
Cotton seedling freezes to death as Chang'e-4 shuts down for the Moon's 14-day lunar night
Fortnite easily out-earns PUBG, Assassin's Creed Odyssey and Red Dead Redemption 2 in 2018
Meteor showers as a service will be visible for about 100 kilometres in all directions
Saturn's rings only formed in the past 100 million years, suggests analysis of Cassini space probe data
New findings contradict conventional belief that Saturn's rings were formed along with the planet about 4.5 billion years ago