IBM released its first quarter earnings on April 16, showing an acceleration in cloud revenue growth even as the tech giant's overall revenue dipped.
Here are four things to know about the Armonk, N.Y.-based company's financial performance:
1. IBM posted $18.2 billion in revenue for the first quarter of 2019, a 4.7 percent year-over-year decrease. This is the third consecutive quarter in which the company's revenue has dropped.
2. IBM's Cloud and Cognitive Software segment saw revenues of $5 billion in the first three months of 2019, a 2 percent year-over-year decrease. Cloud revenue has now grown 10 percent in the last 12 months, for a total of $19.5 billion.
3. According to Nasdaq, the increase in IBM's cloud revenue can be attributed largely to growth in sectors including health, data analytics and security. AI-powered resource Watson Health specifically saw growth in its payer, provider, imaging and life sciences offerings.
4. IBM expects a free cash flow of approximately $12 billion throughout the rest of 2019.
"IBM's investments in innovative technologies coupled with our industry expertise and our commitment to trust and security position us well to help clients move to chapter two of their digital reinvention," Ginni Rometty, IBM's chairman, president and CEO, said in a statement.
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