IBM Shares Tumble After Another Quarterly Revenue Decline
- Revenue has fallen or remained stagnant for 10 quarters
- IT services unit spinoff should be completed by end of year
Photographer: Ben Torres/Bloomberg
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International Business Machines Corp. shares fell the most in 10 months after the company reported a greater sales decline in the fourth quarter than analysts had expected, signaling Chief Executive Officer Arvind Krishna’s turnaround plan may take more time.
Sales fell 6.5% to $20.4 billion in the three months ended Dec. 31, the Armonk, New York-based company said Thursday in a statement. That was below the $20.75 billion analysts had forecast, on average, and marked the 10th consecutive quarter with no year-over-year increase in revenue.