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.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
IBM says buying Red Hat is paying off, but its revenue falls again - Business Insider'Patience is wearing thin' as IBM reports yet another quarter of falling revenues, but its $34 billion Red Hat buy is a bright spot
Weiterlesen »
Stocks making the biggest moves after hours: Netflix, IBM, Alcoa and moreSee which stocks are posting big moves after the bell on Wednesday.
Weiterlesen »
IBM stock slips after revenue misses Street viewInternational Business Machines Inc. shares declined in the extended session Wednesday after the tech giant reported less revenue than Wall Street expected.
Weiterlesen »
IBM set to report earnings after the bellIBM closed its $34 billion Red Hat acquisition in the third quarter and lowered its full-year earnings estimates.
Weiterlesen »
IBM stock falls on revenue missIBM's revenue fell for the fifth quarter in a row, even with contributions from its recent Red Hat deal.
Weiterlesen »
IBM stock slips after revenue misses Street viewInternational Business Machines Inc. shares declined in the extended session Wednesday after the tech giant reported less revenue than Wall Street expected.
Weiterlesen »