IBM Reports Higher-Than-Expected Q1 Profit, But Revenue Disappoints
Following the cessation of regular trading this afternoon, IBM reported its first-quarter financial performance. The company reported higher-than-expected adjusted profit on a per-share basis of $2.91, but the company’s $19.59 billion in period-revenue was under street expectations of $19.64 billion.
The company now has a run of 12 straight quarters of declining revenue.
IBM’s situation requires some context, as it adjusts when reasonable for currency strength changes, and also for its recently divested businesses. Using constant currency from the year-ago quarter, and also adjusting for the company’s now slimmer size, IBM had flat year-over-year revenues.