IBM falls as enterprise-spending constraints choke consulting demand [Reuters]
International Business Machines Corporation (IBM)
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Source: Reuters
April 25 (Reuters) - Shares of International Business Machines fell more than 8% in premarket trading on Thursday, as its consulting business faces pressure from enterprises tightening their budgets to cope with an uncertain economy and high interest rates. Weakness in smaller discretionary projects affected the consulting segment, but analysts at J.P.Morgan said the backlog could help reaccelerate the business through 2024. Report this ad "Although software acceleration is encouraging, this was offset by more significant-than-expected deterioration of Consulting, along with incremental FX headwinds expected for the rest of the year," analysts at J.P.Morgan said. IBM's software business grew 5.5% in the quarter and the company announced a $6.4 billion deal to buy cloud software company , aiming to make the most of an AI-led boom in demand for the data storage capabilities of the cloud. It reported total revenue of $14.46 billion, lower than estimates of $14.55 billion, acco
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