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IBM Reports 20th Straight Quarterly Revenue Drop, While Cloud Computing Grew 33 Percent

April 19, 2017

Via: CRN

IBM reported the 20th straight quarter of year-over-year revenue declines Tuesday as the company said that sales in its first quarter ended March 31 were down 2.8 percent, despite sales gains in the vendor’s cloud services and other “strategic imperative” products and services.

The company’s stock dropped nearly 5 percent in after-hours trading on the news of the financial results, which significantly missed financial analysts’ revenue expectations.

IBM reported total revenue of $18.16 billion for the quarter, down 2.8 percent from $18.68 billion in the first quarter of 2016. That fell short of the $18.39 billion Wall Street analysts had been expecting, according to Thomson Reuters.

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