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IBM Reports 2013 Third-Quarter Results

  • GAAP Results:
    • Diluted EPS: $3.68, up 11 percent;
    • Net income: $4.0 billion, up 6 percent;
    • Gross profit margin: 48.0 percent, up 0.6 points;
  • Operating (non-GAAP) Results:
    • Diluted EPS: $3.99, up 10 percent;
    • Net income: $4.4 billion, up 6 percent;
    • Gross profit margin: 49.1 percent, up 1.0 points;
  • Revenue: $23.7 billion, down 4 percent, down 2 percent adjusting for currency:
    • Software revenue up 1 percent, up 2 percent adjusting for currency;
      • Key branded middleware up 3 percent; up 4 percent adjusting for currency;
    • Services revenue down 3 percent, up 1 percent adjusting for currency;
      • Global Business Services revenue flat, up 5 percent adjusting for currency;
    • Services backlog of $141 billion, up 2 percent, up 6 percent adjusting for currency;
    • Systems and Technology revenue down 17 percent, down 16 percent adjusting for currency;
      • System z mainframe revenue up 6 percent; up 7 percent adjusting for currency;
    • Growth markets revenue down 9 percent, down 5 percent adjusting for currency;
    • Business analytics revenue up 8 percent year to date;
    • Smarter Planet revenue up more than 20 percent year to date;
    • Cloud revenue up more than 70 percent year to date;
      • Revenue in third-quarter exceeds $1 billion, of which about $460 million is delivered as a cloud service;
  • Maintaining full-year 2013 Operating (non-GAAP) EPS expectation of at least $16.25; at least $16.90, excluding second-quarter workforce rebalancing charge.

IBM (NYSE:IBM) today announced third-quarter 2013 diluted earnings of $3.68 per share, compared with diluted earnings of $3.33 per share in the third-quarter of 2012, an increase of 11 percent. Operating (non-GAAP) diluted earnings were $3.99 per share compared with operating diluted earnings of $3.62 per share in the third-quarter of 2012, an increase of 10 percent.

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