000-781 Explanations & Answers
Turns out I’m not the only one wondering about that at IBM. In the latest edition of his High-Tech Strategist newsletter, Fred Hickey raises red flags over the quality of IBM’s earnings. I’ve known Hickey for at least 20 years, and if he’s known for nothing else it’s that he doesn’t shy 000-781 exam away pointing to the elephant in the room.
With IBM, that elephant is that it has slow-to-no revenue growth yet gets a growth valuation.
Writing in the latest issue of his newsletter, Hickey said, “Over the past five years, IBM’s revenues have barely passfine budged … that’s with a strong tailwind from a weaker dollar and the benefit of 55 acquisitions totaling to a cost of $17.25 billion and very few divestitures. It looks to 000-781 exam me that real ‘organic’ growth has been negative, even throughout the economic rebound.” …
Yet Hickey, in a lengthy analysis, questions the quality of the beat, noting that it came from a lower 000-781 exam tax rate thanks largely to “a one-time benefit associated with a tax restructuring in passfine Latin America.”
He points out another one-time gain, an accounting red flag, and how IBM wouldn’t answer his questions passfine when he asked for 000-781 exam more detail on the Latin America tax restructuring — not even whether it was the result of an individual country. …
In response to Hickey’s 000-781 exam analysis, an IBM spokesman referred me to the company’s roadmap in its annual report. …
Right now investors are believing it. Doesn’t mean they always will. What is clear is that with the valuation IBM passfine gets, there is 000-781 exam zero room for error.
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