IBM is slipping after the company posted disappointing revenue on Tuesday.
The company declined in all five of its major businesses, and the stock is down 2.70% in pre-market trading on Wednesday.
Revenues fell 4.7% versus a year ago to $19.29 billion, missing the $19.47 billion that was expected.
IBM is trying to pivot its focus to the cloud, as the sector heats up in response to high demand from artificial intelligence. Cloud revenue is up 15% over the last year, and the company brought in $3.9 billion in the second quarter from its cloud business.
IBM beat Wall Street’s expectations for the bottom line. Earnings per share came in at $2.97, compared to the $2.74 that analysts were expecting.
IBM is down 10.43% so far this year, including the post-earnings drop.
- Markets Insider