IBM’s Nine-Quarter Sales Slump Overshadows Cloud Growth
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International Business Machines Corp. reported a ninth straight quarter of declining sales as demand fell for hardware and computer services, underscoring the urgency of its plan to get more revenue from newer businesses like cloud computing.
Second-quarter revenue dropped 2 percent from a year earlier to $24.4 billion, compared with the $24.1 billion that analysts projected on average, according to data compiled by Bloomberg. Adjusted earnings rose to $4.32 a share, 1 cent higher than analysts’ estimates, boosted by cost-cutting and share buybacks.