IBM Falls to 5-Year Low as Profit Forecast Misses Estimates
- 2016 earnings per share miss shows struggle to drive growth
- Cloud computing, data analytics seen as future revenue boosts
IBM Stocks Slide Despite Growth in Q4 Earnings
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IBM fell to the lowest price in more than five years after its 2016 profit forecast fell short, underscoring the company’s struggle to offset a persistent decline in its traditional hardware, software and technology-services business.
IBM tumbled 4.9 percent to $121.86 at the close in New York, the lowest price since July 2010. It was the biggest drag on the Dow Jones Industrial Average, which fell 1.6 percent Wednesday.