IBM Reports Worst Sales Since 2002

From Zero Hedge:

The annual collapse in revenue is just shy of that recorded during the financial crisis, with another consecutive Y/Y 11.9% drop in a row.


A more detailed breakdown of what actually happened:

• Revenue dropped by 11.9% to $19.6 billion
• Net Income dropped by 2.4% to $2.3 billion

And yet... GAAP EPS rose by 2.6% to $2.36
How did this happen?

http://www.zerohedge.com/news/2015-04-20/ibm-reports-worst-sales-2002-eps-beats-aggressive-buybacks-cut-tax-rate