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IBM (NYSE: IBM) 3Q19 Results: Remains on Track to Meet 2019 Guidance with Strength in Cloud, Red Hat and Consulting

Executive Summary

  • IBM reported 3Q19 revenues of $18.03 billion, down 3.9% year over year and below the $18.22 billion consensus estimate. Adjusted EPS was $2.68, down 21.6% from the year-ago quarter and beating the $2.66 consensus estimate.
  • Revenues grew 6.4% year over year in the cloud and cognitive software segment, grew 1.0% in the global business services segment and declined in the global technology services, systems, global financing and other segments.
  • IBM reaffirmed its 2019 adjusted EPS guidance of at least $12.80, adjusted downward by $1.10 on August 2 to account for the Red Hat acquisition.

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