IBM Sales Drop Amid Cloud Shift Weighs on CEO’s Profit Goal
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Ginni Rometty’s profit goal for IBM just got harder to reach.
International Business Machines Corp. shares dropped the most in three months after the company said yesterday that first-quarter revenue slid 3.9 percent to $22.5 billion. Growth fell short of analysts’ estimates amid declining demand for hardware and waning sales in developing countries. The company, led by Rometty, said adjusted earnings fell to $2.54 a share, in line with estimates.