Get ready for the phrase “tough compare” to be muttered by dozens of executives and analysts as earnings season hits high gear this week, because growth was so strong in 2018 that 2019 is bound to look bad by comparison.
In the IT sector, International Business Machines Corp. IBM, -1.23% net income declined more than 13%, thanks to a huge tax benefit enjoyed in the first quarter of 2018 for a company that continues to produce tiny tax bills. After a mainframe refresh broke IBM out of a multiyear run of revenue declines in 2018, IBM sales dropped more than $900 million from the year before in last week’s report, and shares fell more than 4% the next day.
One big tech segment has been in a cycle, though, and it will be an anchor. Semiconductor companies are expected to see the biggest earnings drops in the IT sector, a whopping 24% decline on a year-over-year basis thanks to some of the biggest names in the sector — Advanced Micro Devices Inc. AMD, +1.91% , Micron Technology Inc. MU, +0.02% and Nvidia Corp. NVDA, +1.25% .
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