International Business Machines Corp (IBM) recorded a 12% drop in its revenue during the first quarter of the year, according to a statement issued by the technology company.
The new dip in the company's revenue causes even greater concern among investors, as it is the 12th consecutive quarter in which a decline is recorded. According to the Reuters news agency, a similar dip is also shown by IBM's stock value.
IBM, the world's largest technology company, has seen its revenue decline due to its decision to focus more on security software development and cloud services and to sideline less profitable parts of its business, such as personal computers, cash registers and low-end servers. But the company's new focus areas have failed to make up for the revenue losses.
The net profit of the α’ quarter, which ended on March 31, amounted to $2.33 billion from $2.38 billion in the comparable period last year. A decline was also recorded in the company's total revenue as it reached $19.6 billion from $22.2 billion
On an adjusted basis, IBM's earnings per share were $2.91, despite analysts' estimates that the company's earnings per share would not exceed $2.80.
Source: nooz.gr/
