IBM - 1st Q Release

https://newsroom.ibm.com/2022-04-19-IBM-RELEASES-FIRST-QUART…

Revenue

  • Revenue of $14.2 billion, up 8 percent, up 11 percent at constant currency (over 5 points from incremental sales to Kyndryl)
  • Software revenue up 12 percent, up 15 percent at constant currency (over 8 points from incremental sales to Kyndryl)
  • Consulting revenue up 13 percent, up 17 percent at constant currency
  • Infrastructure revenue down 2 percent, flat at constant currency (over 8 points from incremental sales to Kyndryl)
  • Hybrid cloud revenue:
    – First Quarter: $5.0 billion, up 14 percent, up 17 percent at constant currency
    – Last 12 months: $20.8 billion, up 17 percent
    Free Cash Flow
  • On a consolidated basis, net cash from operating activities of $3.2 billion; free cash flow of $1.2 billion

4 Likes

IBM has mastered obfuscation. They are showing revenue growth for the last 5, 6 years and yet their revenue hardly moves, even accounting for spin-off, sales etc.

The old technology revenue is fading away but the fcf is +ve so redeploying. They are buying smaller companies to increase revenues. Margins seem to be holding up.

1 Like

The new ceo just came right out and said the kindryl revenue will be done by October. 5% of the growth. Also, $1.2B of free cash is pitiful