IT Software & Services: IBM Q2 13 results: positive read-across for European IT stocks
IBM’s Q2 13 results, reported yesterday evening, were globally above
1). Non-GAAP EPS were 3% above consensus despite revenues 2% below the consensus average – with improved momentum in Software and Services offset by declining Hardware sales;
2). Management expects solid momentum in Software and growth acceleration in Services for Q3 13; 3). FY13 EPS guidance is upped to USD16.90 from USD16.70. Near term, we view the read-across as positive for European companies in Software (SAP, Software AG) and IT Services (Capgemini, Atos).
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