IBM’s Q4 12 results reported yesterday evening were above consensus expectations (non-GAAP EPS USD5.39 vs. consensus at USD5.25), while management expects FY13 non-GAAP EPS of at least USD16.7, or above the consensus est. (USD16.6). The flat lfl sales reported for the quarter was once again driven by BRIC countries (+14% at cc), while major markets were down 2% at cc (USA -1%, Canada -9%, more challenging conditions in the UK and Germany). Short-term, the read-across is positive for listed European IT companies, especially in Software (SAP, Software AG), while it is more neutral in IT Services (Capgemini, Atos). IBM’s shares rose 4% in the after-market.