IBM reported a jump in profits in the second quarter, thanks to a program of cost-cutting measures and investments in strategic growth initiatives to offset contraction in its core businesses. The IT company recorded adjusted earnings of $4.32 a share, up 34% from a year earlier and beating analysts' estimates of $4.29 a share. On the top line, revenue of $24.4 billion was down around 2%, though exceeded expectations by roughly $270 million. That marks the 9th consecutive quarter of falling revenues for the tech giant, which includes an 11% drop in hardware sales in its second quarter. TheStreet's Keris Lahiff breaks down IBM's quarterly report.

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