IBM Earnings Review and Charts

IBM reported QE December 2012 financial results on January 22

"We achieved record profit, earnings per share and free cash flow in 2012. Our performance in the fourth quarter and for the full year was driven by our strategic growth initiatives -- growth markets, analytics, cloud computing, Smarter Planet solutions -- which support our continued shift to higher-value businesses," said Ginni Rometty, IBM chairman, president and chief executive officer.

"Looking ahead, we continue to invest to deliver innovations for the enterprise in key areas such as big data, mobile solutions, social business and security, while expanding into new markets and reaching new clients. We are well on track toward our long-term roadmap for operating EPS of at least $20 in 2015."













$IBM $XLK

IBM Earnings Review: Performance Slows

IBM reported QE September 2012 financial results on October 16

Financial performance slowed from the prior quarter and the prior year. The next quarter, Q4, is the annual cyclical high so ground hopefully will be regained then. Gross, operating, and net margins held and should be stronger next quarter. Liquidity and capital are adequate. Total assets ($115.8 billion) place IBM in the Big Tech $100 Billion Assets Club along with Apple, HP, and Microsoft.

Q4 2011 financial performance was stellar and expectations for this next Q4 2012 are high. New CEO Ginni Rometty needs to exceed to maintain the momentum. We await.

IBM lowered guidance on the full-year 2012 GAAP EPS to $14.29+ from $14.40+ (previously had been $14.27+ and earlier was $14.16+). Prior year 2011 GAAP EPS was $$13.12. The full-year 2012 Non-GAAP outlook remains at $15.10+ (earlier was $15.00+ and even earlier was $14.85+). Prior year 2011 Non-GAAP EPS was $13.49.











"In the third quarter, we continued to drive margin, profit and earnings growth through our focus on higher-value businesses, strategic growth initiatives and productivity," said Ginni Rometty, IBM chairman, president and chief executive officer.

"Looking ahead, we see good opportunity with a strong product lineup heading into this quarter and annuity businesses that provide a solid base of revenue, profit and cash. We are reiterating our full-year 2012 operating earnings per share expectation of at least $15.10."

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Largest USA Tech Companies Earnings Soften: Apple Dominates, HP Plunges

This is the technology sector reported financial performance going into the October earnings season.

Quarterly Net Income

The Largest USA Tech Companies have reported quarterly aggregate net income of $14.8 billion, which is lower than the prior quarter $35.6 billion. This is a sequential QoQ decrease of -$20.8 billion and -58%! What happened? HP reported an epic quarterly net loss of -$8.9 billion, which offset the Apple quarterly net income of +$8.8 billion. Microsoft reported a rare quarterly net loss of -$492 million. Eight of the eleven companies reviewed reported a QoQ decrease in net income.

A net decrease is not unusual or unexpected as summer is typically a slower financial performance on an annual cyclical basis for the tech sector. But the huge HP and extraordinary Microsoft net losses created a plunge. The only three sequential QoQ increases were IBM (+$816 million) and Intel (+$89 million) and EMC (+$63 million).

For the latest quarters reported, Apple continues dominating with an incredible $8.82 billion quarterly net income. Second was IBM at $3.88 billion, third was Intel at $2.83 billion, and fourth was Google with $2.79 billion. Apple earned more than #2 IBM and #3 Intel combined.

The rest of the pack follows with #5 Oracle at $2.03 billion, #6 Cisco at $1.92 billion, #7 Qualcomm at $1.02 billion rounding out the Billion Dollar Club. Trailing are #8 EMC at $689 million and #9 Amazon at a mere $7 million. Further behind are #10 Microsoft at a dismal net loss of -$492 million and #11 HP with the aforementioned epic loss of -$8.86 billion. Apple comprises approximately 60% of the total quarterly net income of the 10 tech companies listed!



Return on Assets

The Largest USA Tech Companies have reported an average return on assets of +12.29%, a multi-quarter low and -1.68% decrease from the prior quarter. Seven of the eleven companies reviewed reported decreases. The largest sequential QoQ decreases were HP (-8.564%), Microsoft (-6.42%), and Apple (-2.08%). The only significant sequential QoQ increase was Cisco (+0.65).

For the latest quarters reported, Best of Breed goes to Apple with a commanding and incredible lead of at +29.70% ROA. Apple is distantly followed by Intel (+17.61%), Qualcomm (+15.26%), and Google (+15.02%), and Microsoft (+14.95%). Next are #6 IBM (+14.30%), and #7 Oracle (+13.53%).

Significantly lagging the field are #8 Cisco at +9.01% and #9 EMC at +8.42%. Amazon is #10 and a much lower +1.82%. Finally, HP is last and #11 at a negative -4.44%.



I have included Amazon because of the Kindle Fire, streaming, cloud services, and the resulting competition with others listed.

Status Updated through Oracle quarterly financial results reported 9-20-12
Next reports: October earnings season

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Big Tech Assets Rise, Apple Reaches Record $163 Billion

This is the technology sector reported financial position going into the October earnings season.

Total Assets

The Largest USA Tech Companies have reported all-time high aggregate total assets of $940 billion. This is a net increase of +$14 billion and +1.6% from the prior quarter. Apple led the way, and continues pulling away, with another incredible +$11.9 billion quarterly increase, followed by Google (+$8.9 billion), and Microsoft (+$3.3 billion). A huge decrease was reported by HP (-$10.1 billion), followed by Oracle (-$1.8 billion), and IBM (-$1.5 billion).

The $100 Billion Club: For the latest quarter reported, Apple continues #1 and largest at $162.9 billion. Microsoft moved up to #2 at $121.3 billion while HP slipped to third at $117.6 billion. IBM continues at #4 with $113.8 billion. Cisco is #5 at $91.8 billion.

The next group is #6 Google at $86.1 billion, #7 Oracle ($76.6 billion), and #8 Intel ($72.4 billion). Qualcomm and EMC are a more distance #9 and #10 at $42.4 billion and $35.0 billion, respectively. Amazon is last and #11 at $21.0 billion. I have included Amazon because of the Kindle Fire, streaming, cloud services, and the resulting competition with others listed.



Capital Ratio

The Largest USA Tech Companies have reported an average capital to assets ratio of 54.53%, a slight decrease of -0.85% from the prior quarter. Six of the eleven companies reviewed reported increases, led by Intel (+2.3%) and followed by EMC (+0.85%) and Oracle (+0.84%). Google and Microsoft reported the largest decreases at -4.79% and -3.46%, respectively.

For the latest quarters reported, Qualcomm (77%) continues leading Google (75%) to have the strongest capital position. Apple is #3 at 69%, followed closely by Intel at 67%. Next are EMC, Cisco, Oracle, and Microsoft at 63%, 57%, 56%, and 55%, respectively. Amazon is 9th at 36%, followed by HP (27%) and finally IBM (18%) is last and #11.



Status
Updated through Oracle quarterly financial results reported 9-20-12
Next reports: October earnings season

Earnings Reviews

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Big Tech Profits Soften: HP, Microsoft, Amazon Plunge!

Net Income: Quarter over Quarter Change

The Largest USA Tech Companies reported softening profits from the prior quarter, which is not unusual this time of year on an annual cyclical basis. Only 3 of the 10 companies reviewed reported sequential quarterly increases (Oracle, IBM, Intel).

First, HP is not included in the chart below. HP, which is among the walking wounded, reported a disastrous quarter and a chart-busting -656% decrease in net income QoQ. HP reported a net loss of -$8.86 billion for their latest quarter, compared to net income of +$1.59 billion in the prior quarter. Including HP skews the chart and obscures the data.

Reporting net income increases quarter over quarter were Oracle (+38%), IBM (+27%), and Intel (+3%). Reporting a decrease in net income from the prior quarter were Google (-4%), Cisco (-11%), Apple (-24%), and Qualcomm (-46%). The Big Losers were Amazon (-95%), Microsoft (-110%), and the aforementioned HP (-656%). The second calendar quarter is typically slower and a quarterly drop for many tech companies in total revenues, net income, and earnings per share.



Net Income: Year over Year Change

The Largest USA Tech Companies reported more positive results from the prior year, compared to the prior quarter. 6 of the 10 companies reviewed reported YoY increases. Cisco (+56%) and Apple (+21%) led the way, followed by Qualcomm (+17%), Google (+11%),  Oracle (+8%), and IBM (+6%). The remainder lost ground and some lost huge territory. Intel (-4%), Amazon (-96%), Microsoft (-108%), and HP (-560%) reported decreases year over year.

HP is not included in the chart below. Including HP skews the chart and obscures the data.



Updated through HP quarterly financial results reported 8-22-12
Next reporting: Oracle in September

Big Tech Assets Rise, Apple Reaches Record $163 Billion

Largest USA Tech Companies Earnings Plunge, But Apple Still Dominates

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Big Tech Assets Rise, Apple Reaches Record $163 Billion

Total Assets

The Largest USA Tech Companies have reported all-time high aggregate total assets of $917 billion. This is a net increase of +$32 billion and +4% from the prior quarter. Apple led the way, and continues pulling away, with another incredible +$12 billion quarterly increase, followed by Google (+$9 billion), and Oracle (+$4 billion). The only decrease was reported by IBM (-$1.5 billion).

The $100 Billion Club: For the latest quarter reported, Apple continues #1 and largest at $162.9 billion. HP continues in second at $127.7 billion, followed by #3 Microsoft at $121.3 billion. IBM is #4 at $113.8 billion. Cisco is #5 at $91.2 billion. The next group is #6 Google at $86.1 billion, #7 Oracle ($78.3 billion), and #8 Intel ($72.4 billion). Qualcomm is a more distance #9 ($42.4 billion). Amazon is last and #10 at $21.0 billion. I have included Amazon because of the Kindle Fire, streaming, cloud services, and the resulting competition with others listed.



Capital Ratio

The Largest USA Tech Companies have reported an average capital to assets ratio of 54.18%, a slight decrease of -0.45% from the prior quarter. Six of the ten companies reviewed reported increases, led by Intel (+2.3%) and HP (+1.4%). Google reported the largest decrease (-4.8%) followed by Microsoft (-3.5%).

For the latest quarters reported, Qualcomm (77%) has surpassed Google (75%) to have the strongest capital position. Apple is #3 at 69%, followed closely by Intel at 67%. Next are Cisco, Oracle, and Microsoft at 56%, 56%, and 55%, respectively. Amazon is 8th at 36%, followed by HP (33%) and finally IBM (18%) is last and #10.



Status
Updated through Amazon quarterly financial results reported 7-26-12
Next reports: Cisco (August 15), HP (August 22)

Largest USA Tech Companies Earnings Plunge, But Apple Still Dominates

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Largest USA Tech Companies Earnings Plunge, But Apple Still Dominates

Quarterly Net Income

The Largest USA Tech Companies have reported quarterly aggregate net income of $26.3 billion, which is lower than the prior quarter $33.9 billion. This is a sequential QoQ decrease of -$7.68 billion and -23%. Six of the ten companies reviewed reported a QoQ decrease in net income. The net decrease is not too unusual or unexpected as the second quarter of the calendar year is typically a slower financial performance on an annual cyclical basis. The largest sequential QoQ increases were Oracle (+$953 million) and IBM (+$816 million) and HP (+$125 million). The largest sequential QoQ decreases were by Microsoft (-$5.60 billion), Apple (-$2.80 billion), and Qualcomm (-$1.02 billion).

For the latest quarters reported, Apple continues dominating with an incredible $8.82 billion quarterly net income. Second was IBM at $3.88 billion and third was Oracle at $3.45 billion, combined less than half of Apple. The rest of the pack follows with #4 Intel at $2.83 billion, #5 Google at $2.79 billion, #6 Cisco at $2.17 billion, #7 HP at $1.59 billion, and #8 Qualcomm at $1.21 billion. Trailing are #9 Amazon at a mere $7 million and #10 Microsoft at a dismal net loss of -$492 million. I have included Amazon because of the Kindle Fire, streaming, cloud services, and the resulting competition with others listed. Apple comprises approximately 34% of the total quarterly net income of the 10 tech companies listed!



Return on Assets

The Largest USA Tech Companies have reported an average return on assets of +13.45%, a multi-quarter low and -1.13% decrease from the prior quarter of +14.58%. Eight of the ten companies reviewed reported decreases. Amazon and HP dragged the average down the most. The 2 sequential QoQ increases were Cisco (+0.24%) and IBM (+0.17%). The largest sequential QoQ decreases were Microsoft (-6.42%), Apple (-2.08%), and Amazon (-1.00%).

For the latest quarters reported, Best of Breed goes to Apple with a commanding and incredible lead of at +29.70% ROA. Apple is distantly followed by Intel (+17.61%), Qualcomm (+15.26%), and Google (+15.02%). Next are #5 Microsoft (+14.95%), #6 IBM (+14.30%), and #7 Oracle (+13.38%). Significantly lagging the field are #8 Cisco at +8.36% and #9 HP at a much lower +4.12%. Retail-oriented Amazon is last and #10 at a sinking +1.82%.



Updated through Amazon quarterly financial results reported 7-26-12
Next reports: Cisco (August 15), HP (August 22)

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IBM Earnings Review: Performance Rebounds, Raises Guidance

IBM reported QE June 2012 financial results on Wednesday, July 18

The good is both net income and earnings per share showed growth QoQ and YoY. Some uncertainty is created by total revenues decreasing -3% YoY, even though there was a +5% QoQ increase. Total revenues growth YoY has been downtrending since QE June 2011 (see chart below).

CFO Mark Loughridge stated growth will be skewed towards the second half of 2012. Hopefully more traction and growth will be shown next quarter and the acceleration will become evident. New CEO Ginni Rometty will have to wait until later in 2012 to attempt to top the stellar Q4 2011 financial results. We await.

IBM raised guidance on the full-year 2012 GAAP EPS to $14.40+ from $14.27+ (earlier was $14.16+). The full-year 2012 Non-GAAP outlook was increased to $15.10+ from $15.00+ (earlier was $14.85+).

IBM has a large, embedded product financing operation which results in a lower return on assets (+14%) than other technology companies. Financial position has been acceptable, with adequate capital, moderate debt, and sufficient liquidity. Total assets place IBM in the Big Tech $100 Billion Assets Club along with Apple, HP, and Microsoft.

Metric, QoQ Change, YoY Change
Total Assets: $113.83 billion, -1%, 0%
Total Revenues: $25.78 billion, +5%, -3%
Net Income: $3.89 billion, +27%, +6%
Earnings per Share: $3.38, +30%, +13%















"In the second quarter, we delivered strong profit, earnings per share and free cash flow growth. This performance reflects continued strength in our growth initiatives and investments in higher value opportunities," said Ginni Rometty, IBM president and chief executive officer. "These are fundamental elements of our long-term business model. "Looking ahead, we are well positioned to deliver greater value to a wider range of clients and to our shareholders. Given our performance in the first half and our outlook for the second half, we are raising our full-year operating earnings per share expectations to at least $15.10."

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Big Tech Assets Rise, Apple Surges to $151 Billion

The Largest USA Tech Companies have reported aggregate total assets of $888 billion, which is the highest in the 5 quarters reviewed and an all-time high. This is a net increase of +$25 billion and +3% from the prior quarter. Apple led the way with a strong +$12 billion increase, followed by Microsoft (+$6 billion), Google (+$5 billion), and Qualcomm (+$4 billion). The only decreases were reported by Amazon (-$5 billion) and IBM (-$1 billion).

The $100 Billion Club: For the latest quarter reported, Apple continues #1 and largest at $150.9 billion. HP continues in second at $127.7 billion, followed by #3 Microsoft at $118.0 billion. IBM dropped to #4 at $115.3 billion. Next is #5 Cisco at $91.2 billion. The next group are #6 Google at $77.1 billion, which surpassed now #7 Oracle ($74.4 billion). Intel continues at #8 ($71.8 billion) followed by #9 Qualcomm ($41.5 billion). Amazon is last and #10 at $20.3 billion. I have included Amazon because of the Kindle Fire, streaming, cloud services, and the resulting competition with others listed.



The Largest USA Tech Companies have reported an average capital to assets ratio of 54.89%, a +1.39% increase from the prior quarter. The net increase was led by Amazon (+5%) and Apple (+3%). Only Google reported a decrease and this was negligible (-0.12%). For the latest quarters reported, Google continues leading with the strongest capital of 80%, followed by Qualcomm at 77%. Apple is #3 at 68%, followed closely by Intel at 65%. Next are Oracle, Microsoft, and Cisco at 58%, 58%, and 56%, respectively. Amazon is 8th at 36%, followed by HP (33%) and finally IBM (18%).




Status Updated through HP quarterly financial results reported 5-23-12

Largest USA Tech Companies Earnings Slip, Apple Dominates

Big Tech Market Cap: Apple Larger Than Microsoft and IBM Combined!

Big Tech Profits Increase: Qualcomm, Apple, Google Lead Surge

Largest USA Tech Companies Earnings Slip, Apple Dominates

The Largest USA Tech Companies have reported quarterly aggregate net income of $33.9 billion, which is lower than the prior quarter $37.4 billion. This is a sequential QoQ decrease of -$3.5 billion and -9.4%. The net decrease is not unusual or unexpected as the first quarter of the calendar year is typically lower than the  prior fourth quarter (Holiday) results on an annual cyclical basis. The largest sequential QoQ increases were HP (+$1.2B) and Qualcomm (+$829 million). The largest sequential QoQ decreases were by IBM (-$2.43 billion), Microsoft (-$1.52 billion), Apple (-$1.44 billion), and Intel (-$622 million).

For the latest quarters reported, Apple leads with an incredible $11.62 billion. Second is Microsoft at $5.11 billion, less than half of Apple. These top two are followed by #3 IBM at $3.07 billion. The rest of the pack follows with #4 Google at $2.89 billion, #5 Intel at $2.74 billion, #6 Oracle at $2.50 billion, #7 Qualcomm at $2.23 billion, and #8 Cisco at $2.17 billion. Trailing are #9 HP at $1.47 billion and #10 Amazon at a mere $130 million. I have included because of the Kindle Fire, streaming, cloud services, and the resulting competition with others listed. Apple comprises 34% of the total quarterly net income of the 10 tech companies listed!



The Largest USA Tech Companies have reported an average return on assets of +14.61%, a +0.19% increase from the prior quarter of 14.42%. Amazon and HP dragged the average down. The largest sequential QoQ increases were Qualcomm (+2.62%), Apple (+1.44%) and Google (+0.75%). The largest sequential QoQ decreases were Microsoft (-1.18%), Intel (-1.09%), and HP (-0.93%).

For the latest quarters reported, Best of Breed goes to Apple with a commanding and incredible lead of at +31.78% ROA, followed by Microsoft at 21.37% and Intel at 18.14%. Next are #4 Google 15.76%, #5 Qualcomm 15.51%, #6 IBM 14.13%, and #7 Oracle 13.44%. Significantly lagging the field are #8 Cisco 8.36% and #9 HP at a dismal 4.74%. Retail-oriented Amazon is last and #10 at +2.82%.



Updated through Cisco quarterly financial results reported 5-9-12
Next reports: HP (May 23), Oracle (June)

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IBM Earnings Take Annual Q1 Dip, Raises Outlook

IBM reported Q1 2012 financial results on Tuesday, April 17.

IBM survived the annual Q1 headwind and a significant drop in earnings per share QoQ of -44% to $2.61 GAAP. The YoY increase was +13%. CFO Mark Loughridge stated growth will be skewed towards the second half of 2012. IBM raised guidance on the full-year 2012 GAAP EPS to $14.27+ from $14.16+. The Non-GAAP outlook was increased to $15.00+ from $14.85+.

IBM posted a record full-year 2011 GAAP earnings per share of $13.06. That's a +9.26% annual EPS increase projected for 2012. Later quarters should reflect an improving financial performance.

New CEO Ginni Rometty will have to wait until later in 2012 to top the stellar Q4 2011 financial results. Total assets dipped to $115.35 billion and continues behind #1 Apple and #2 HP but ahead of #4 Microsoft. These are the exclusive members of the Big Tech $100 Billion Club.

IBM has a large, embedded product financing operation which results in a lower return on assets (+14.13%) than other technology companies. Financial position continues as acceptable, with adequate capital, moderate debt, and sufficient liquidity.

IBM Income Statement Q1 2012 IBM reported total revenues of $24.67 billion, net income of $3.07 billion, and earnings per share of $2.61. From the prior quarter Q4 2011, these were -16%, -44%, and -44%, respectively. From the prior year Q1 2011, these were +0.27%, +7%, and +13%, respectively. Gross margin, operating margin, and net margin dipped QoQ but increased YoY. Cash flow from operations of $3.65 also decreased QoQ but increased YoY. The operating expense ratio of 29.31% increased QoQ and YoY to an 8-quarter high on lower revenues but stable expenses.

IBM Balance Sheet Q1 2012 Total assets dipped from the prior quarter record of $116.43 billion to $115.35 billion. The capital to assets ratio rebounded to 18.02% from a 9-quarter low of 17.38%. The current ratio of 42.35% is about the historical average. The return on assets of +14.13% is a multi-year high. Total debt at 27.79% of total assets is above the historical average.

IBM Reports Outstanding Earnings: Revenues, Income, Margins, EPS Up

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IBM Reports Outstanding Earnings: Revenues, Income, Margins, EPS Up


IBM Summary Q4 2011 Financial performance improved, actually soared, in Q4 2011. IBM has apparently obtained a money printing concession from the Federal Reserve. Q4 is historically the peak quarter in the annual cycle and this quarter was no exception. Total revenues, operating income, net income, earnings per share, cash flow per share, gross margin, operating margin, and net margin reached multi-year highs. Debt continues within the historical range of total assets. IBM 2012 full-year guidance of $14.16 GAAP EPS is about an 8% increase YoY. IBM has a large, embedded product financing operation which results in lower financial performance than other technology companies. Financial position continues as acceptable, with adequate capital, moderate debt, and adequate liquidity.


IBM Income Statement Q4 2011 IBM reported total revenues of $29.49 billion, net income of $5.49 billion, and earnings per share of $4.62, all of which are multi-year highs. From the prior quarter Q3 2011, total revenues were +12.70%, net income +42.88%, and earnings per share +44.83%. From the prior year Q4 2010, these were +1.62%, +4.43%, and +10.53%, respectively. Gross margin, operating margin, and net margin were up and at multi-year highs of 49.93%, 24.91%, and 18.62%, respectively. Cash flow from operations of $5.97 was up QoQ and YoY and a multi-year high. The operating expense ratio of 25.02% decreased QoQ to a 4-quarter low.


IBM Balance Sheet Q4 2011 IBM's total assets were +5.70% QoQ and +2.63% YoY to a record $116.43 billion. The capital to assets ratio of 17.381% decreased QoQ and YoY to a 9-quarter low, due to an increase in Treasury Stock and Accumulated Other Comprehensive Loss within the equity accounts. The current ratio of 43.74% is an 8-quarter high. The return on assets of +14.00% dipped slightly but is above the historical average. Total debt at 26.90% of total assets is about the historical average.


IBM Outlook: Full-Year 2012 Expectations IBM said that it expects to deliver full-year 2012 GAAP earnings per share of at least $14.16; and operating (non-GAAP) earnings per share of at least $14.85. The 2012 operating (non-GAAP) earnings exclude $0.69 per share of charges for amortization of purchased intangible assets, other acquisition-related charges, and retirement-related items driven by changes to plan assets and liabilities primarily related to market performance.


IBM Financial Performance by the Quarters IBM Cash Flow per Share and Earnings Per Share Current Cash Flow per Share of $5.97 is a multi-year high. Current Earnings per Share of $4.62 are +44.83% QoQ, +10.53% YoY, and a multi-year high. The chart averages for CFS and EPS are $3.93 and $2.89, respectively.

 
IBM Total Revenues, Operating Income, and Net Income Current Total Revenues of $29.49 billion is +12.70% QoQ, +1.62% YoY, and a multi-year high. Current Operating Income of $7.34 billion is a multi-year high and increased for the 4th consecutive quarter. Current Net Income of $5.49 billion is +42.88% QoQ, +4.43% YoY, and a multi-year high. The chart averages for TR, OI, and NI are $25.76 billion, $5.16 billion, and $3.87 billion.

 

IBM Gross Margin, Operating Margin, and Net Margin Current Gross Margin of 49.93%, Operating Margin of 24.91%, and Net Margin of 18.62% are multi-year highs. The chart averages for GM, OM, and NM are 46.40%, 20.13%, and 14.85%.

 


IBM Return on Assets Current Return on Assets of 14.00% is down QoQ but up YoY. IBM has a large, embedded product financing operation which results inflates assets and lowers ROA. The chart average ROA is 13.47%.

 


IBM Growth Rates YoY Current Total Revenues Growth Rate YoY of +1.62% and Earnings per Share Growth Rate YoY of +10.53% are below the historical average. The chart averages for TRGR and EPSGR are +4.03% and +14.67%, respectively.

 


IBM Segment Revenues Global Technology Services  of $10.75 billion and 34.21% of total revenues is the historical segment leader. Software  of $8.50 billion and 23.68% continues as the #2 segment. Systems and Technology of $5.99 billion and 19.06% has moved up to #3 segment. Global Business Services of $5.07 billion and 16.13% has dropped to #4. Global Financing of $1.12 billion and 3.55% comprises the remainder.

 


IBM Regional Revenues Americas of $12.5 billion and 42.35% of total revenues is the historical regional leader. Europe, Middle East, Africa of $9.6 billion and 32.53% continues as the second highest source. Asia Pacific of $6.7 billion and 22.70% is third. OEM of $714 million and 2.42% comprises the remainder.




IBM Operating Expense Ratio The current Operating Expense Ratio of 25.02% is a 4-quarter low. The chart average OER is 26.84%.

 


IBM REPORTS 2011 FOURTH-QUARTER AND FULL-YEAR RESULTS

ARMONK, N.Y., January 19, 2012 . . . IBM (NYSE: IBM) today announced fourth-quarter 2011 diluted earnings of $4.62 per share, compared with diluted earnings of $4.18 per share in the fourth quarter of 2010, an increase of 11 percent. Operating (non-GAAP) diluted earnings were $4.71 per share, compared with operating diluted earnings of $4.25 per share in the fourth quarter of 2010, an increase of 11 percent.

"We had a strong fourth-quarter performance, capping a year of record earnings per share, revenue, profit and free cash flow," said Ginni Rometty, IBM president and chief executive officer. "We delivered outstanding results in all four of our strategic initiatives for the quarter and the year, as we continued to realize the benefit of our long-term investments in growth markets, business analytics, Smarter Planet solutions and cloud. We are well on track toward our long-term roadmap for operating earnings per share of at least $20 in 2015."

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