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2016
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- Samsung Galaxy S7: 2016's Finest Android Phones
- Samsung Galaxy S7, Galaxy S5, Galaxy Note Edge Wit...
- Apple updates MacBook, upgrades MacBook Air
- Apple iPad Air 2 review: Still a great tablet
- Apple iPad Air review
- Microsoft Surface Pro 4 review: A fantastic Window...
- Google.com is “partially dangerous”, says Google
- LG G5 review: Modular expansion and twin cameras s...
- Best hybrid cars 2016: The six best hybrid cars fo...
- Best smartphones of 2016: The best mobile phones i...
- iPhone 7 rumours, specs and features: 8 things to ...
- EU Google antitrust case: Everything you need to know
- LeEco Le 2, Le 2 Pro and Le Max 2: No headphone so...
- Samsung Galaxy TabPro S review: Super screen, but ...
- How to get American Netflix on all your devices in...
- Apple Car rumours and leaks: Former Tesla Vice Pre...
- How to install Exodus on Kodi: Get one of XBMC’s b...
- Recover all your forgotten passwords
- How to cancel Netflix: Stop your Netflix subscript...
- HTC 10 review: A great smartphone return to form b...
- President Barack Obama's UK visit shakes up the Lo...
- Should I upgrade to Windows 10?
- Microsoft, seagulls and magic: An interview with M...
- Opera just added a free VPN as a bonus feature for...
- HP Chromebook 14 review: Solid, reliable and depen...
- How to remove a device from Netflix: Here’s how to...
- Amazon Fire review: Now available with 16GB storage
- Xplova X5 (hands on) review: This cycling computer...
- Acer Chromebook 14 review (hands on): A Chromebook...
- Now there's an app to crowdfund your honeymoon
- Shell’s Concept Car uses petrol to save the planet
- Tesla Autopilot review: We test Elon Musk’s autono...
- iOS 10: Rumours, speculation, mock-ups, and what w...
- This AI is guessing who’s going to die next in Gam...
- Microsoft's Windows Phone results: Not pretty, but...
- Android N review (first look): Now available for t...
- Volvo wants to sell one million hybrid and electri...
- How GCHQ has been accessing YOUR personal data
- Nissan Leaf (2016) review: We drive the UK's most ...
- Raspberry Pi 3 vs Raspberry Pi 2 vs Raspberry Pi B...
- Best electric cars 2016: The four best electric ve...
- Tesla Model S (2016) review: Still the ultimate el...
- Amazon blocks sale of Fifa 16, GTA 5 and many othe...
- UK government wants to punish online pirates with ...
- Opera VPN: Can the privacy-enhanced browser really...
- Mobile game revenues set to overtake that of PC in...
- Ads trick and force Germans to listen to plight of...
- What became of the cartoon video game mascot?
- Google I/O 2016: What key announcements to expect ...
- Microsoft profits fall by 25% due to drop in Windo...
- Galaxy Note 6 rumoured to sport 5.8in curved scree...
- Mexican voter database containing 93.4 million rec...
- Bangladesh bank cyberheist was a hacker's dream af...
- China wants to visit Mars by 2020 and beat Nasa to...
- BTCC Bitcoin mining pool launches rapid connection...
- BLOCKCHAIN REVOLUTION by Don Tapscott and Alex Tap...
- Apple's Find My iPad tool leads Thai police to not...
- US agency steps up Twitter campaign against textin...
- Samsung Galaxy S7 Edge: Android security update fo...
- Blizzard offering 13 free Whispers Of The Old Gods...
- Apple iTunes Movies and iBooks go dark in China, c...
- Blizzard releases first free Overwatch comic featu...
- Google and Microsoft drop all regulatory complaint...
- Blizzard's Jeff Kaplan reveals how MMO Titan's 'de...
- Moto G4: Release date, specs and pricing expected ...
- Shakespeare's 400th Anniversary: Ian McKellen unve...
- Cortana on Windows 10: Tips and tricks for Microso...
- How to Turn Your Surface Pro 4 Into A Desktop PC
- Samsung Galaxy Note 6 Release: 6 Things to Know Ri...
- How to Change the LG G5 Lockscreen & Wallpaper
- Eclipse Black Ops 3 DLC Tips
- Best Samsung Galaxy S7 Deals
- 14 Best Samsung Galaxy S7 Cases
- HTC Vive Hands On: Three Things You Should Know
- 7 Apple Pencil Holders to Keep Your’s Safe
- Is Microsoft OneDrive Worth Buying?
- Minecraft Realms for iPhone, Android & More: What ...
- Another Android Smartphone with 6GB RAM Spotted in...
- LinkedIn Launches Android/iOS Application to Help ...
- Sony Expands Marshmallow to Xperia Z2/Z3 Variants,...
- ZUK Z2 Pro Official Image Teased Ahead of April 21...
- Nubia Z11 Mini Goes Official with Snapdragon 617 C...
- Samsung Galaxy C7 Specs Leak in Benchmark: Snapdra...
- Motorola Moto G (4th Gen) Caught on Video Ahead of...
- VLC for Windows 10 Mobile Public Beta Launching Ne...
- Opera Mini Won't Receive Any Major Updates for Win...
- Samsung Plans to Build Powerful 18-24MP Camera wit...
- Motorola Moto G4 Plus First Press Render Leaks Online
- Huawei Honor V8 with Dual-Camera Setup Coming on M...
- World’s Smallest Android Smartphone Comes with 2.4...
- LeEco Le Max2 with 5.7-Inch Quad HD Display and 6G...
- Facebook Messenger for Android and iOS Updated wit...
- ZUK Z2 Pro Goes Official as Another Smartphone wit...
- Huawei P9 Lite Announced with 5.2-Inch Display, 13...
- Acer Liquid Zest Plus Launched with Massive 5,000 ...
- Samsung Galaxy S7 Clone Looks Shockingly Real - Video
- LG G5 SE Goes Official with 5.3-Inch Quad HD Displ...
- Fallout Shelter for Android/iOS Updated with Scrap...
- Sony Xperia Z3 Is the First Non-Nexus Device to Re...
- Huawei and Leica Release Statement on P9 and P9 Pl...
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Based on investors' initial, negative reaction following the release of IBM's (NYSE:IBM) Q1 earnings on April 18, it appears folks aren't ready to measure its results on the performance of its strategic imperatives units. Despite beating vaunted analyst estimates on both the top and bottom lines, IBM shareholders were punished for either its 4.6% drop in total revenue, or its earnings-per-share (EPS) forecast of "at least" $13.50 for 2016, depending on who investors choose to believe.
The EPS concerns are legitimate, but the pundits' disappointment with IBM's revenue of $18.7 billion is nothing short of baffling. Did anyone who follows IBM really expect year-over-year revenue growth, given that CEO Ginni Rometty's "strategic imperatives" are still in the relatively early stages?
No, 16 straight quarters of revenue declines is nothing to brag about, but long-term investors considering IBM stock should be centered on the growth -- or lack thereof -- of its cloud, cognitive computing, Internet of Things (IoT), security, and big data results. Those will determine IBM's future.
Image source: IBM.
Just the facts
Not surprisingly, legacy hardware and operating systems (OS) software sales took yet another hit in Q1, dropping 20.6% after adjusting for currency headwinds, to just $1.7 billion. That has been, and will continue to be, a recurring theme as IBM focuses on growing sales of its cloud-based, data-intensive solutions.
Towards that end, IBM reported a decent first quarter. After several quarters of stellar growth, IBM's technology solutions and cloud platforms unit grew a relatively meager 1.9% last quarter after currency adjustments, to $8.4 billion. However, on an annual basis, IBM's cloud sales are tracking at an impressive $10.8 billion, which is in line with industry-leading Microsoft's (NASDAQ:MSFT) more than $10 billion annual cloud revenue run-rate, as of last quarter.
IBM now reports its key segment results as separate line items rather than lumping them together, so investors are able to get a better a handle on how its strategic imperatives initiatives are performing. Toward that end, 2016's Q1 was sound, if not spectacular.
Cognitive solutions revenue of $4 billion, along with IBM's 36% jump in cloud sales, pushed its strategic imperatives sales to a combined $29.8 billion in the trailing-12-month period, and that now accounts for 37% of IBM's total revenue. The icing on IBM's strategic imperatives cake was its 46% jump in "cloud delivered as a service." Most industry pundits expect that particular niche will lead the way in the fast-growing cloud market.
Cloud infrastructure revenue is little more than a means to get data in-house. Cloud solution providers like IBM and its sometimes friend, sometimes competitor Microsoft that offer a suite of Software-as-a-Service (SaaS) solutions, will eventually win the day. And as Rometty and team demonstrated in Q1, crunching data and providing customers with actionable results is what it does particularly well.
A reality check
IBM has invested heavily in its strategic imperative divisions in the past year, and it did again last quarter. IBM reported a whopping $3.6 billion in capital expenditures in Q1, most of which were related to its 10 acquisitions in the quarter. That, combined with a nearly across the board increase in administrative and research expenses, squeezed margins fairly dramatically last quarter.
IBM's gross margins were 46.5% in Q1, down from 2015's 48.2%, and much of its net income was thanks to a huge tax provision that added nearly $1 billion to the bottom line. If investors are looking for something to not like about IBM, increased expenses, declining margins, and a "padded" bottom line thanks to a tax break are legitimate concerns. Total revenue in the midst of a complete transformation? Not so much.
Based on the last couple of days of trading, IBM investors are starting to recognize the initial "concerns" were a bit overblown. Priced at just 10 times future earnings and boasting a 3.5% dividend yield, growth and income investors should take a look at IBM with a focus on its strategic imperatives growth, not its top line -- yet.
A secret billion-dollar stock opportunity
The world's biggest tech company forgot to show you something, but a few Wall Street analysts and the Fool didn't miss a beat: There's a small company that's powering their brand-new gadgets and the coming revolution in technology. And we think its stock price has nearly unlimited room to run for early, in-the-know investors! To be one of them, just click here.
Source : http://www.fool.com

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