IBM Drops to Almost 5-Year Low as Profit Forecast Is Cut
- New outlook reflects difficult transition to cloud computing
- Currency moves crimp quarterly sales by 9 percentage points
IBM Profit Endures Tough Transition to Cloud Computing
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IBM’s stock dropped to almost a five-year low after the company cut its profit forecast, underscoring the difficulty of trying to reinvent itself as a powerhouse in cloud computing and data analytics.
The shares tumbled 5.8 percent to $140.64 Tuesday in New York, its lowest closing price since late October 2010.