Q1 Results Q/Q Comparison

  • Revenue decreased 5% to $18.7B (down 2% constant currency)
  • GAAP Diluted EPS decreased 14% to $2.09
    • GAAP Net Income decreased 17% to $2.0B
  • Non-GAAP Diluted EPS decreased 19% to $2.35
    • Non-GAAP Net Income decreased 21% to $2.3B
  • Non-GAAP gross profit margin was 47.5%, down from 49.3%
  • Business segments (constant-currency basis):
    • Cognitive Solutions (includes solutions software and transaction processing software): Revenue increased 0.4%
    • Global Business Services (includes consulting, global process services, application management): Revenue decreased 2%
    • Technology Services and Cloud Platforms (includes infrastructure services, technical support services, integration software): Revenue increased 2%
    • Systems (includes systems hardware and operating systems software): Revenue decreased 21%, due to Z System product cycle dynamics
    • Global Financing (includes financing and used equipment sales): Revenue decreased 6%
  • Ended quarter with $14.9B in cash on hand and generated $2.3B of free cashflow
  • Returned $2.1B to shareholders (Dividends of $1.2B and share repurchases of $0.9B)
  • Maintained full-year 2016 guidance: adjusted EPS of at least $13.50

Stock Price: $152
Market Capitalization: $147 billion

April 18, 2016






Menu byMilonic