IBM: Ahead Of Schedule But Not There Yet

10/27/17

These were the final words from IBM (NYSE: IBM) CFO Martin Schroeter in an interview for CNBC after the company's earnings came out. But if you listen to bears and naysayers in the last couple of days, especially on the back of some profit taking, you'd think no one in the company was aware of its 22 consecutive quarters of falling revenue. That this is a sinking ship.

But one single number shows where this company is headed: new business now makes just under 46% of the overall revenue. It was 42% last quarter. The expectation from the company itself was that it would be at 40% by the end of the year.

Cognitive Solutions revenue was up 4% to $4.4B with $4.17B expected with security on the mind of CEOs and CTOs. The roll out of the z14 mainframe, which is focused on security also had its effect, but that will dissipate after the next earnings as its direct impact is limited. But the connection between the two is often lost on some analysts.

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