IBM Reports Lowest Revenue In 14 Years; EPS Beats On "Full Retard" Tax Gimmick
Some companies rely on non-GAAP EPS gimmicks to make their earnings looks pretty; others rely on stock buybacks to reduce the number of shares outstanding; a third group of companies merely adds back everything it believes is not part of SG&A to boost its bottom line... and then there is IBM which does all three at unprecedented levels.
Recall that last quarter, just as IBM's revenue was plunging, the company "beat" courtesy of a collapsing tax rate. This is what we reproted last quarter: