International Business Machines Corp (IBM) Q1 2022 (USD): Adj. EPS 1.40 (exp. 1.38), Revenue 14.2bln (exp. 13.85bln)

• Adj. gross margin 52.9% (exp. 54.4%).

REVENUE SEGMENTS

• Consulting 4.83bln (exp. 4.62bln), +13% Y/Y.
• Software 5.77bln (exp. 5.7bln), +12%.
• Infrastructure 3.22bln (exp. 3.24bln), -2.2%.
• Financing 154mln (exp. 191.3mln), -26%.

COMMENTARY

• CEO says we are off to a solid start for the year, and we now see revenue growth for 2022 at the high end of our model.
• Affirms FY22 FCF view of 10-10.5bln.