IBM (NYSE: IBM) reported earnings yesterday. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended March 31 (Q1), IBM met expectations on revenues and beat expectations on earnings per share.

Compared to the prior-year quarter, revenue was unchanged and GAAP earnings per share improved.

Margins improved across the board.

Revenue details
IBM booked revenue of $24.67 billion. The 19 analysts polled by S&P Capital IQ wanted to see sales of $24.81 billion on the same basis. GAAP reported sales were 0.3% higher than the prior-year quarter's $24.61 billion.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
Non-GAAP EPS came in at $2.78. The 20 earnings estimates compiled by S&P Capital IQ predicted $2.65 per share on the same basis. GAAP EPS of $2.61 for Q1 were 13% higher than the prior-year quarter's $2.31 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
For the quarter, gross margin was 45.1%, 100 basis points better than the prior-year quarter. Operating margin was 15.8%, 10 basis points better than the prior-year quarter. Net margin was 12.4%, 80 basis points better than the prior-year quarter.

Looking ahead
Next quarter's average estimate for revenue is $26.62 billion. On the bottom line, the average EPS estimate is $3.42.

Next year's average estimate for revenue is $108.64 billion. The average EPS estimate is $14.93.

Investor sentiment
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 4,095 members out of 4,514 rating the stock outperform, and 419 members rating it underperform. Among 999 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 935 give IBM a green thumbs-up, and 64 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on IBM is outperform, with an average price target of $203.12.

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