“and we are maintaining our view of operating tax for the year to be consistent with last year, in the mid-teens range.”

In context

“continue to see strong demand for digital transformations. Though, as I said, we are seeing some pressure on smaller, more discretionary projects. We now see mid-single-digit revenue growth in Consulting with acceleration throughout the year. Given our ongoing productivity initiatives and investment in innovation, we expect to see about 1 point of segment profit margin expansion in both of these segments. And in Infrastructure, given product cycle dynamics, we expect revenue to decline, driving about a 0.5 point impact to our overall growth. Given IBM Z cycle dynamics, we expect segment profit margin to be lower year-over-year. With these segment dynamics, we continue to expect IBM's operating pretax margin to expand by about 0.5 point year-to-year, consistent with our view 90 days ago, and we are maintaining our view of operating tax for the year to be consistent with last year, in the mid-teens range. We took a workforce rebalancing charge this quarter. And as I mentioned 90 days ago, we continue to see the overall amount this year consistent with last year. We expect this to pay back by the end of the year. On currency, given the strengthening of the dollar, we now expect a 150 to 200 basis point impact to revenue growth for the year, which is about 1 point worse than 90 days ago. For the second quarter, I expect our constant currency revenue growth rate to be consistent with the full year. Our tax rate is expected to be in the high teens. And for profit, we expect the first half skew of net income will remain a couple of points ahead of the prior year. In closing, we are pleased with our performance to start the quarter. We are positioned to grow revenue, expand operating pro”