Turbotodd

Ruminations on tech, the digital media, and some golf thrown in for good measure.

IBM Reports 1Q 2019 Results, Accelerates Cloud Revenue

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IBM announced its first quarter 2019 financial results this afternoon, with the lead being it both accelerated its cloud revenue growth and continued its margin expansion.

The top line: 

  • GAAP EPS from continuing operations of $1.78
  • Operating (non-GAAP) EPS of $2.25
  • Revenue of $18.2 billion, down 4.7 percent (down 0.9 percent adjusting for currency)
  • Cloud revenue growth accelerated in the quarter; now $19.5 billion over the last 12 months, up 10 percent (up 12 percent adjusting for currency)
  • As-a-service annual exit run rate for cloud revenue of $11.7 billion, up 10 percent year to year (up 15 percent adjusting for currency)
  • Gross profit margin: GAAP, up 100 basis points; Operating (non-GAAP), up 90 basis points — GBS gross profit margin up 280 basis points; GTS up 110 basis points
  • Pre-tax income margin: GAAP, up 440 basis points; Operating (non-GAAP), up 320 basis points
  • Maintains full-year EPS and free cash flow expectations ARMONK, N.Y.

“In the first quarter, our cloud revenue growth accelerated, and we again grew in key, high-value areas in Cloud and Cognitive Software and in consulting,” said Ginni Rometty, IBM chairman, president and chief executive officer. “IBM’s investments in innovative technologies coupled with our industry expertise and our commitment to trust and security position us well to help clients move to chapter two of their digital reinvention.”

Written by turbotodd

April 16, 2019 at 3:57 pm

Posted in 2019

Tagged with , , ,

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