IBM: Fiscal 4Q20 Financial Results

IBM Corp. announced fourth-quarter and full-year 2020 earnings results.

For the quarter, global sales reached $20.4 billion, down 6% Y/Y, and $73.6 billion for full year (-4%).

For storage only, Big Blue announced revenue increasing 7% Y/Y and decreasing as high a 17% Q/Q.

Thanks to new mainframe storage subsystems for z15, storage sales increased 18% and 2% in 1FQ20 ad 2FQ20, respectively, after being down 20% in 3FQ20.

For FY19, we estimate at $1.750 million IBM’s revenue for this business (-26% from FY18). then it’s around $1.872 million for FY20.

Revenue Growth of IBM Storage Systems

Fiscal period	Y/Y growth
4Q11	-1%
1Q12	-4%
2Q12	-4%
3Q12	-10%
4Q12	-5%
1Q13	-11%
2Q13	-7%
3Q13	-11%
4Q13	-13%
1Q14	-23%
2Q14	-12%
3Q14	-6%
4Q14	-8%
1Q15	-4%
2Q15	-10%
3Q15	-19%
4Q15	-11%
1Q16	-6%
2Q16	-13%
3Q16	-9%
4Q16	-10%
1Q17	7%
2Q17	8%
3Q17	4%
4Q17	8%
1Q18	-15%
2Q18	2%
3Q18	-6%
4Q18	-7%
1Q19	-11%
2Q19	-21%
3Q19	-4%
4Q19	+3%
1Q20	+18%
2Q20	+2%
3Q20	-20%
4Q20	-17%
FY20	+7%