IBM

My lukewarm conviction is getting slightly stronger.
Hybrid Cloud approach seems to be working however there have been many misfires.
Arvind is promising mid single digits revenue growth. Seems reasonable.

Fourth-Quarter Highlights

Revenue
- Revenue of $16.7 billion, up 6.5 percent, up 8.6 percent at constant currency (including about 3.5 points from incremental external sales to Kyndryl)
- Software revenue up 8 percent, up 10 percent at constant currency (including about 5 points from incremental external sales to Kyndryl)
- Consulting revenue up 13 percent, up 16 percent at constant currency
- Infrastructure revenue flat, up 2 percent at constant currency (including about 5 points from incremental external sales to Kyndryl)
- Hybrid cloud revenue:
– Fourth Quarter: $6.2 billion, up 16 percent, up 18 percent at constant currency
– Full Year: $20.2 billion, up 20 percent, up 19 percent at constant currency

Pre-tax Income:
- GAAP: $2.9 billion, up 183 percent, including 167 points from the impact of fourth-quarter 2020 charge for structural actions
- Operating (Non-GAAP): $3.5 billion, up 102 percent, including 92 points from the impact of fourth-quarter 2020 charge for structural actions

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