Economy

IBM misses on Q2 revenues

IBM misses on Q2 revenues

As it has had to do for 21 straight quarters, IBM on July 18 reported declining revenue in its earnings performance.

Revenue: $19.29 billion vs. $19.46 billion as expected by analysts, according to Thomson Reuters.

IBM's trying to transform itself into a cloud company, but its traditional businesses were a drag in the second quarter.

Excluding one-time items, earnings from continuing operations rose to $2.97 per share from $2.95 per share past year.

III Apparel Group LTD.
Louisiana State Employees Retirement System boosted its stake in shares of G-III Apparel Group, LTD.by 1.1% in the first quarter. The P/E ratio is one of the most common ratios used for figuring out whether a company is overvalued or undervalued.

The stock closed July 18 at $154, up a percentage point, but in after-hours trading it took a 3 percent dive to $149.12 within two hours after the bell.

On the plus side, income the company earned from its self-described "strategic imperatives" amounted to $8.8 billion in the quarter, up a full $1 billion over last quarter.

The company said it now had US$12.3 billion of cash on hand while debt totalled US$45.7 billion, including global financing debt of US$29 billion.

IBM has stated that it expects revenues from so-called strategic imperatives (such as AI and cloud computing) to increase in the second half of 2017 as a result of having signed new cloud contracts, including a 10 year cloud outsourcing deal with Lloyds Bank and a joint venture with China's Dalian Wanda. Revenues from analytics increased 4 percent, while revenues from mobile rose jumped 27 percent and revenues from security improved 4 percent. The company seems to be holding its own in those areas, in which there is a lot of global competition from younger and less-expensive vendors. Despite this, IBM's cloud revenue is up 17 percent year-on-year (with adjusted currency, 15 without).

Russian Official Attacks US Media Over 2nd Trump, Putin Meeting
The meeting came on the same day of their first official meeting at the summit in Hamburg, Germany earlier this month. Trump said he asked a second time , and Putin also denied taking part in any hacking of the US election system.

If that decline is ever going to reverse, IBM will have to dramatically expand its cloud revenue.

IBM's Technology Services and Cloud Platforms division came up with $8.4 billion in revenue, down 5.1 percent year over year.

Billionaire investor Warren Buffett and others who like the stock have praised IBM's cognitive intelligence, Watson, as a valuable experiment.

Mitch McConnell's Plan B on health care appears dead
That is nearly the same number of people who gained insurance in the seven years since the Affordable Care Act passed. He voted for full repeal in 2015 as a show vote, a ruse, a lie", Kelli Ward wrote on her Facebook page.


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