“Looking at the second quarter, we expect first to second quarter revenue seasonality to be fairly consistent with last year.”

In context

“ructure revenue to decline with pre-tax margin in the low teens. To provide some perspective, Infrastructure should impact IBM's overall revenue growth by over 1 point. With these segment dynamics, we would expect IBM's operating pre-tax margin to expand by about 0.5 point year-to-year. That's in line with our model. And we continue to expect our tax rate to be in the mid- to high teens range. As I mentioned earlier, the dollar has strengthened over the last 90 days. We now expect currency translation to be fairly neutral to our revenue growth for the year, which is about 0.5 point worse than 90 days ago. I'll remind you that our profit and cash dynamics this year are impacted by the unwinding of last year's hedging gain, which is about 1 point of headwind to our pre-tax margin expansion. Looking at the second quarter, we expect first to second quarter revenue seasonality to be fairly consistent with last year. That's up about $1.3 billion, though the underlying dynamics are different due primarily to z Systems' product cycle and currency. I'll remind you, we had a successful launch of our z16 in the second quarter of last year, and that creates a year-to-year headwind to growth of about 3 points. In terms of profit, we now expect a little over 1/3 of our operating net income in the first half and just under 2/3 in the second half. This reflects a first half headwind from currency and workforce rebalancing dynamics, both of which flip to a tailwind in the second half. I mentioned the workforce rebalancing activity we have underway. Between the first and second quarter, the charge should be in the range of $300 million, maybe a little more. We still expect this action to pay back by the end of th”