<p>Two of the IT industry's titans, IBM and Intel, posted big drops in quarterly profits last night but gave contrasting outlooks for the year ahead.</p><p>IBM saw Q2 net profit fall 16.9 per cent year on year to $3.23bn (2.12bn), although that figure included a $1bn hit relating to job cuts or "workforce rebalancing" as Big Blue is euphemistically calling the process during the quarter.</p><p>Chip maker Intel saw its bottom line drop even more steeply in its Q2 as net profit sank 29 per cent year on year to $2bn.</p><p>Out of the two giants, IBM was by far the more optimistic, however, raising its annual forecast because profits were actually ahead of expectations. Stripping out the restructuring charges, its profits were up annually.</p><p><a href="http://www.channelweb.co.uk/crn-uk/news/2283257/ibm-and-intel-post-profit-falls">Keep reading...</a></p><p>Read also:</p><p><a href="http://www.datacenterdynamics.com/focus/archive/2013/07/ibms-software-mainframe-segments-deliver-strong-q2">IBM's software, mainframe segments deliver strong Q2</a> (DatacenterDynamics)</p><p><a href="http://www.v3.co.uk/v3-uk/news/2283288/ibm-layoffs-spark-q2-profits-decline-but-mainframe-and-software-see-growth">IBM layoffs spark Q2 profits decline, but mainframe and software see growth</a> (V3.co.uk)</p><p><a href="http://www.theregister.co.uk/2013/07/18/ibm_q2_2103_numbers/">Sales at IBM decline 3.3 per cent in Q2, profits hit by layoffs</a> (Register)</p><p>Explore: <a href="http://news.google.com/news/more?ncl=d2uIlLtShbPxHEMo_d0eI0j3TCHHM&ned=us">30 additional articles.</a></p>
