International Business Machines Corp forecast full-year revenue below estimates ...
- International Business Machines Corp forecast full-year revenue below estimates after reporting 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 2 percent after the company forecast 2019 adjusted operating profit to be a cent below analysts’ expectation of $13.91 per share. IBM returned to annual revenue growth after seven years in the last quarter of 2018, triggering expectations that its strategy was taking roots.
However, in the reported quarter its cloud and cognitive segment, which includes analytics, cybersecurity and artificial intelligence, fell 1.5 percent to $5.04 billion, but beat FactSet estimates of $4.18 billion.“We see limited upside to revenues due to currency headwinds, tough comps from the mainframe cycle, and a potential pullforward of software revenues into Q4,” Bernstein analyst Toni Sacconaghi said.
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