IBM’s Mixed Q1 2012: Revenue Flat At $24.7B; Net Income Up 7 Percent To $3.1B
IBM just reported mixed first quarter earnings for 2012. GAAP earnings came in at $2.61, up 13 percent with non-GAAP earnings at $2.78, up 15 percent. Revenue was flat for the quarter coming in at $24.7 billion, up 1 percent adjusting for currency. Analysts expected $2.66 a share and $24.82 billion in revenue. Net income for the quarter came in at $3.1 billion, up 7 percent from last year. “In the first quarter, we drove strong profit and earnings per share growth. We delivered another excellent software performance, expanded services margins, and continued the momentum in our growth initiatives,” said IBM CEO Ginni Rometty. “Our investments in growth market countries continued to generate strong revenue growth across software, hardware and services while contributing to the company’s ongoing margin expansion.
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