IBM sees revenue grow though long-term concerns linger

IBM beats with Q4 revenue of $22.5B, up 3.6% YoY, the first YoY rise in 23 quarters, vs. $22.1B expected; $1.1B loss from one-time $5.5B tax overhaul charge

Armonk, NY - 18 Jan 2018: Highlights

• Fourth-quarter GAAP EPS from continuing operations of $(1.14)
-- Includes a one-time charge of $5.5 billion associated with the enactment of U.S. tax reform
• Fourth-quarter operating (non-GAAP) EPS of $5.18
-- Excludes the one-time charge of $5.5 billion associated with the enactment of U.S. tax reform
-- Consistent with the basis of previously-provided 2017 expectations
• Fourth-quarter revenue of $22.5 billion, up 4 percent (up 1 percent adjusting for currency)
• Full-year strategic imperatives revenue of $36.5 billion, up 11 percent; represents 46 percent of IBM revenue
-- Fourth-quarter strategic imperatives revenue up 17 percent (up 14 percent adjusting for currency)
• Full-year cloud revenue of $17.0 billion, up 24 percent year to year
-- As-a-service annual exit run rate of $10.3 billion in the quarter, up 20 percent year to year (up 18 percent adjusting for currency)

IBM (NYSE: IBM) today announced fourth-quarter and full-year 2017 earnings results.

"Our strategic imperatives revenue again grew at a double-digit rate and now represents 46 percent of our total revenue, and we are pleased with our overall revenue growth in the quarter," said Ginni Rometty, IBM chairman, president and chief executive officer. "During 2017, we strengthened our position as the leading enterprise cloud provider and established IBM as the blockchain leader for business. Looking ahead, we are uniquely positioned to help clients use data and AI to build smarter businesses."

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