IBM’s results seem to always be a smorgasbord of unusual accounting benefits and unsustainable growth sources and the fourth quarter was no exception. We take the quarter results and the 10-K apart below.
A reminder that note to free and paid subscribers:
Also, just a reminder that with the new batch of 10-Ks and 10-Qs having recently been made available, we will be publishing more reports over the next couple of weeks that review 4Q results of specific companies we follow. As a result, the introductions will be quicker and more to the point. However, don’t take this as a change in direction. Peek Behind the Numbers will continue to publish explorations of earnings quality trends we see impacting industries as well as deep-dive forensic accounting reviews of individual companies. We are hopeful that these reports will offer our paid readers unique insights not found in traditional Wall Street research as well as introductions that our free readers will find engaging.
The paywall remains down on our popular October piece The Hidden Tech Headwind for our free subscribers to enjoy. We invite you to explore this piece and stay tuned for our upcoming reports, which promise to provide valuable insights and engaging content for all our readers.
Now, let’s get Behind the Numbers…