IT Software & Services: IBM Q3 13 results: mixed read-across for European IT stocks

News published on October Thursday 17, 2013
Share on

IBM’s Q3 13 results, reported yesterday evening, provide a mixed read-across for European companies in Software (SAP, Software AG) but a positive one in IT Services (Capgemini, Atos): 1). Non-GAAP EPS were 1% above consensus (USD3.99) thanks to a significant tax benefit, and revenues were 4% below the consensus’ average essentially due to Hardware - particularly in China due to the political context - while Software was a bit below expectations and Global Services were in line; 2). Management expects growth to improve in Software and stay around Q3 levels in Global Services; 3). FY13 EPS guidance is reiterated at EUR16.90. 

Full report available to subscribers
Please contact  

The Essentials

Everything you need to know about investment banking dedicated to growth
Stay Informed
Get our news
Join our Team
Bryan, Garnier & Co is always looking for talent in all our divisions, at all levels
Explore our opportunities