IBM (NYSE: IBM) reported Q1 EPS of $2.38, $0.03 better than the analyst estimate of $2.35. Revenue for the quarter came in at $18.2 billion versus the consensus estimate of $18.39 billion.

• Diluted EPS from continuing operations: GAAP of $1.85; Operating (non-GAAP) of $2.38
• Revenue from continuing operations of $18.2 billion
• Strategic imperatives revenue of $7.8 billion in the quarter, up 12 percent (up 13 percent adjusting for currency)
• Strategic imperatives revenue of $33.6 billion over the last 12 months represents 42 percent of IBM revenue
• Cloud revenue of $14.6 billion over the last 12 months-- Cloud as-a-Service annual exit run rate of $8.6 billion in the quarter, up 59 percent year to year (up 61 percent adjusting for currency)
• Maintains full-year EPS and free cash flow expectations.

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