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IBM tumbles 10% in early trading after it misses revenue estimates in 4th-quarter earnings
1 month ago | By Business Insider
Summary List Placement IBM shares tumbled by 10.38% in early trading on Friday, after the computing giant's fourth-quarter earnings missed analysts' expectations.
IBM on Thursday reported a 6.5% year on year fall in revenues in the fourth-quarter to $20.37 billion, below the $20.67 billion analysts polled by Refinitiv had expected. It was the fourth consecutive quarter of falling sales.
Sales at the technology company's biggest unit, cloud and cognitive software, fell around 4.6% to $6.84 billion from $7.16 billion in the same quarter a year earlier.
Although total cloud revenue increased...
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