IBM (NYSE: IBM) reported Q1 EPS of $2.54, in-line with the analyst estimate of $2.54. Revenue for the quarter came in at $22.5 billion versus the consensus estimate of $22.93 billion.

IBM sees FY2014 EPS of at least $18, versus the consensus of $17.84.

“In the first quarter, we continued to take actions to transform parts of the business and to shift aggressively to our strategic growth areas including cloud, big data analytics, social, mobile and security,” said Ginni Rometty, IBM chairman, president and chief executive officer.

“As we move through 2014, we will begin to see the benefits from these actions. Over the long term, they will position us to drive growth and higher value for our clients.”

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