IBM Results Fail to Meet Market Hopes on Concerns About Tariffs, DOGE Cuts
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International Business Machines Corp. fell the most in a year on Thursday after reporting results that showed strong profit while also suggesting that economic uncertainty and US government cost cuts may dent the company’s business.
First-quarter sales increased almost 1% to $14.5 billion, IBM said Wednesday in a statement. Profit, excluding some items, was $1.60 per share. Both results exceeded analysts’ average estimates, according to data compiled by Bloomberg.