EmailIBM (IBM $193.14 +4.86) reported second quarter earnings of $3.51 per share, excluding non-recurring items, $0.08 better than the Capital IQ Consensus of $3.43, while revenues fell 3.3% year/year to $25.78 billion versus the $26.34 billion consensus. The company issued upside guidance for fiscal year 2012 with raised EPS to at least $15.10, excluding non-recurring items, from at least $15.00 versus the $15.05 consensus.
The Americas' second-quarter revenues were $11.1 billion, a decrease of 1% (up 1%, adjusting for currency) from the 2011 period. Revenues from Europe/Middle East/Africa were $7.9 billion, down 9% (flat, adjusting for currency). Asia-Pacific revenues increased 2% (up 4%, adjusting for currency) to $6.3 billion. OEM revenues were $512 million, down 24% compared with the 2011 second quarter. Software revenue, flat, up 4% adjusting for currency; Services revenue down 3%, up 1% adjusting for currency: Services pre-tax income up 18%; Services backlog of $136 billion, down 6%, flat adjusting for currency; Systems and Technology revenue down 9%, down 7% adjusting for currency; Growth markets revenue up 2%, up 8% adjusting for currency; Business analytics revenue up 13% in the first half; Smarter Planet revenue up more than 20% in the first half; Cloud revenue doubled first-half 2011 revenue.
