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Technology Stocks : IBM
IBM 305.75+0.3%Nov 14 9:30 AM EST
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To: Robert Scott Diver who wrote (7522)3/15/2002 4:59:38 PM
From: Michael Bakunin  Read Replies (3) of 8218
 
RSD -

Let's look at revenue and earnings:

$B revenues/pre-tax income
             2001        2000        1997
Hardware   33.3/1.3    37.8/2.7    36.6/4.5
Services   35.0/5.2    33.2/4.5    25.2/2.9
Software   12.9/3.2    12.6/2.8    11.1/2.0
Finance     3.4/1.1     3.5/1.2     2.8/1.1
                       (table data borrowed from Bernstein)

All the growth has been services. Remaining business lines have been stagnant. I see no catalyst for change. So, as go services, so goes growth, revenues and earnings.

I've been thinking about what will happen to this (imo) most-important segment, but I'd welcome any refutation of my thinking so far. Do you see any reasons for the trends of the last five years to change in the next half-decade?

-mb
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