IBM Earnings: The One Major Takeaway

My first article on IBM (IBM) was cautiously bullish. I had stated that IBM should be returning to growth as early as next year -- at least provided the respective decline and growth rates remain relatively unchanged. IBM's current quarter has broken that thesis since Cloud growth slowed dramatically. That is what I believe to be the most important takeaway from this earnings release.

Stop Using Non-GAAP

I take incredible issue with the constant non-GAAP shenanigans. It's a problem that is almost impossible to fix. Analysts report according to company metrics because they need good relationships with management, and the media completely copies the analysts. Before you know it, you think a company has earned $2.97 per share but has actually earned $1.86.

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