IBM Q1 2021 Earnings Report

IBM's first quarter reflected growth in cloud adoption and software, resulting in a return to revenue growth and strong cash flow.

Key Takeaways

IBM reported a 1% increase in revenue to $17.7 billion, driven by growth in cloud and cognitive software, systems, and global business services. The company's GAAP EPS was $1.06, and operating EPS was $1.77. IBM's cloud revenue increased by 21% to $6.5 billion, and the company generated $2.2 billion in adjusted free cash flow.

GAAP EPS from continuing operations was $1.06; Operating (non-GAAP) EPS was $1.77.

Revenue reached $17.7 billion, up 1 percent (down 2 percent adjusting for currency).

Total cloud revenue was $6.5 billion, up 21 percent (up 18 percent adjusting for divested businesses and currency).

Red Hat revenue increased by 17 percent (up 15 percent adjusting for currency), normalized for historical comparability.

Total Revenue

$17.7B

Previous year: $17.6B