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IBM Reports 2012 Second-Quarter Results

  • Diluted EPS:
    • GAAP: $3.34, up 11 percent;
    • Operating (non-GAAP): $3.51, up 14 percent;
  • Net income:
    • GAAP: $3.9 billion, up 6 percent;
    • Operating (non-GAAP): $4.1 billion, up 8 percent;
  • Gross profit margin:
    • GAAP: 47.6 percent, up 1.2 points;
    • Operating (non-GAAP): 48.2 percent, up 1.5 points;
  • Revenue: $25.8 billion, down 3 percent, up 1 percent adjusting for currency;
  • Free cash flow of $3.7 billion, up 9 percent;
  • Software revenue, flat, up 4 percent adjusting for currency;
  • Services revenue down 3 percent, up 1 percent adjusting for currency:
    • Services pre-tax income up 18 percent;
  • Services backlog of $136 billion, down 6 percent, flat adjusting for currency;
  • Systems and Technology revenue down 9 percent, down 7 percent adjusting for currency;
  • Growth markets revenue up 2 percent, up 8 percent adjusting for currency;
  • Business analytics revenue up 13 percent in the first half;
  • Smarter Planet revenue up more than 20 percent in the first half;
  • Cloud revenue doubled first-half 2011 revenue;
  • Full-year 2012 operating (non-GAAP) EPS expectations raised to at least $15.10 from at least $15.00.

IBM (NYSE: IBM) today announced second-quarter 2012 diluted earnings of $3.34 per share, compared with diluted earnings of $3.00 per share in the second quarter of 2011, an increase of 11 percent. Operating (non-GAAP) diluted earnings were $3.51 per share, compared with operating diluted earnings of $3.09 per share in the second quarter of 2011, an increase of 14 percent.

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