International Business Machines Corp reported a bigger-than-expected drop in first-quarter revenue on Tuesday, hurt by tapering demand for its latest mainframe computers and a stronger dollar.[BENGALURU] International Business Machines Corp reported a bigger-than-expected drop in first-quarter revenue on Tuesday, hurt by tapering demand for its latest mainframe computers and a stronger dollar.
Shares of the technology giant fell two per cent. The company reiterated 2019 adjusted operating profit of"at least" US$13.90 per share. Analysts on average were expecting US$13.91 per share. Under Ginni Rometty's stewardship, the company has shed many of its traditional hardware businesses and beefed up the growth areas through deals such as its US$34 billion deal for Red Hat Inc, by far the company's biggest acquisition.
IBM returned to annual revenue growth after seven years in the last quarter of 2018, triggering expectations that its strategy was taking roots.Shares of the company have gained about 18 per cent since reporting its fourth-quarter results in January.
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