International Business Machines Corp missed Wall Street estimates for quarterly ...
) missed Wall Street estimates for quarterly revenue on Wednesday, as its global technology services unit was hit by weakness in some European markets, sending its shares down 5% in extended trading.
IBM, which wrapped up its acquisition of Linux maker Red Hat Inc earlier this year, has faced years of revenue decline amid its shift to the cloud from its traditional businesses, including mainframe servers. After a down-cycle, the company expects mainframe business to return to a normal product cycle in the fourth quarter, Kavanaugh told Reuters.
Total revenue fell 3.9% to $18.03 billion, missing analysts’ average estimate of $18.22 billion, according to IBES data from Refinitiv. Excluding the impact from currency and business divestitures, revenue dropped 0.6%.Chief Executive Officer Ginni Rometty, who has led IBM for more than seven years, is betting on subscription-based software offerings with the Red Hat deal, the company’s biggest acquisition so far.
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