LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

IBM revenue misses as server, software sales slow

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Wed, Oct 17, 2018
06:45 am
Reuters
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

IBM Corp reported a bigger-than-expected drop in revenue on Tuesday, hit by slowing software sales and wavering demand for mainframe servers, pointing to a bumpy recovery for the technology services giant that is in the midst of a turnaround.

Chief Executive Officer Ginni Rometty has been refocusing International Business Machines Corp toward faster-growing cloud and analytics services to lower dependence on its traditional hardware products and reverse years of revenue declines.

The Armonk, New York-based company`s overall revenue slipped 2 percent in the third quarter ended September, with almost all of its businesses missing Wall Street`s revenue estimates.

Revenue at its systems unit, which includes mainframe servers and data storage systems sold to large organizations, climbed only 1 percent, compared with a 25 percent jump in the previous quarter.

Sales growth of z14 mainframe servers, introduced about a year ago, have slowed as customers await the launch of new machines before they upgrade.

IBM`s cognitive software business, which houses artificial intelligence platform Watson, analytics and cybersecurity services, had sales of $4.15 billion, down 6 percent from a year earlier.

Seasonal factors affecting demand for software such as transaction processing platforms hurt revenue, IBM Chief Financial Officer James Kavanaugh said in an interview, adding that there were signs demand was recovering.

"We have a good pipeline in transaction processing software as we enter the fourth quarter," he said.

IBM, which gets over 60 percent of its revenue from outside the United States, said a stronger dollar also weighed on results.

The company said it made $39.5 billion in revenue over the last 12 months from its "strategic imperatives" — high-growth businesses including cloud services that are spread across its divisions.

Overall revenue slipped to $18.76 billion, missing analysts` average estimate of $19.10 billion, according to I/B/E/S data from Refinitiv.

Net income fell to $2.69 billion, from $2.73 billion a year earlier. On a per-share basis, earnings rose to $2.94 from $2.92 due to a lower number of outstanding shares.

Excluding one-time items, IBM earned $3.42 per share, while analysts had expected $3.40.

IBM shares were down 4.7 percent to $138.29 in extended trading. The Dow component has fallen about 8 percent this year.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

Stocks to buy with Anil Singhvi: Sandeep Jain recommends Wonderla Holidays today | Money-making Tips!

LIVE: BJP West Bengal Election Candidate List 2021 - Meeting begins! Modi, Shah, Nadda to finalise names

China sets modest GDP growth target as economy improves

Tier-2 & Tier-3 cities have turned into a buyers’ base in FY21; Indiamart will focus on subscriber addition in the future: Dinesh Agarwal, Founder & CEO

ESIC Recruitment 2021 Notification: Apply online at esic.nic.in for 6552 vacancies to be filled for UDC and Stenographer Posts

Covid 19 new guidelines released - check new orders for religious places, malls, restaurants and more

DSSSB Recruitment 2021: Bumper Government Job vacancies at Delhi Jal Board, New Delhi Municipal Council, others; check details at dssb.delhi.in

Stocks in Focus on March 5: Heranba Industries, MTAR Technologies Fertilizer Stocks, MAX Healthcare to WIPRO; here are the 5 Newsmakers of the Day

Realme GT 5G launched with 64MP triple camera setup and Snapdragon 888 chipset; Check price, India availability and more

Jathi Ratnalu trailer launch: WATCH! Prabhas launches Naveen Polishetty-starrer movie, spots new look

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved