IBM shares fall after flatlining sales in its second-largest business unit [Fortune]
International Business Machines Corporation (IBM)
Last international business machines corporation earnings: 4/20 04:08 pm
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Source: Fortune
First-quarter sales gained 1% to $14.5 billion, the Armonk, New York-based company said Wednesday in a statement. IBM also reiterated its previous outlook of $12 billion in free cash flow for the fiscal year ending in December. Separately, IBM announced it has agreed to buy HashiCorp, which sells software that helps companies manage their cloud-computing operations, for an enterprise value of $6.4 billion. The acquisition is IBM's largest since buying software firm Red Hat in 2019 for $31.8 billion. The deal is another move by Chief Executive Officer Arvind Krishna to turn the legacy tech hardware company into one focused on high-growth software and services. Big Blue has made other acquisitions in this area, such as Apptio for $4.6 billion last year, and divested managed infrastructure, weather and health businesses. “HashiCorp has a proven track record of enabling clients to manage the complexity of today's infrastructure and application sprawl,” Krishna said in the statement
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