IBM saw its net income for its second quarter of 2013 drop by 17 per cent compared to the same period in 2012.
The company earned $3.23bn, compared with $3.9bn 12 months ago. Total revenue for Q2 stood at $24.9bn, down three per cent on the year.
Further reading Intel revenues fall five per cent on desktop PC decline IBM acquires cloud computing firm CSL International Fujitsu, HP, IBM and Oracle hit as server sales slip – Gartner
After disappointing Q1 results, IBM cut 3,300 jobs and took steps to bolster its software and services arms, including cloud and data analytics.
But while software sales have grown hardware revenue continues to fall. Despite this, the company has upped its forecast for the rest of the year, suggesting it still feels its on the right path.
Intel, meanwhile, continues to suffer from falling PC and laptop sales, reporting a 29 per cent profit drop to $2bn, with revenue for the quarter down by five per cent.
One hardware company reporting positive results is LG, which has experienced a 53 per cent rise in its operating profits for Q2.
While Apple is still asking for reduced shipments of display components to build into its iPhone devices - as sales of the popular smartphone continue to slow - LG has found growth in sales of its large HD televisions, as it continues to battle Samsung for dominance of this sector.
Raking in 366bn won ($326m) between April and June 2013, LG's actual sales still slipped five per cent when compared to Q2 2012, as global sales of televisions are also in slight decline.
LG shares closed down 3.1 per cent just prior to the earnings report.
