IBM First Quarter Earnings
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IBM just released its first quarter earnings a short while ago.
If you want the full blow-by-blow from CFO Mark Loughridge, you can go here.
I'm all about the executive summary.
IBM announced diluted earnings of $1.70 per share, up 4 percent, and reiterated its full-year 2009 earnings of at least $9.20 per share.
IBM had free cash flow of $1 billion, up $450 million, and a gross profit margin of 43.4 percent (and up 1.9 points YOY).
Net income was $2.3 billion, down 1 percent (but with the net margin up 1.1 points).
Total revenue was $21.7 billion, and was impacted by the strong U.S. dollar and down 11 percent (4 percent adjusting for constant currency).
On the services front, total services signings were up 10 percent, with longer-term signings up 27 percent (both adjusting for currency).
There were 16 services deals worth more than $100 million, and IBM growth markets revenue was up 4 percent adjusting for currency.
You can read the full earnings press release here.
The earnings webcast will start momentarily.