IBM Reports Falling Revenue, Pulls Forecast on Virus Woes [Yahoo! Finance News]
International Business Machines Corporation (IBM)
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Source: Yahoo! Finance News
) -- International Business Machines Corp. reported a drop in first-quarter revenue and pulled its profit forecast for the year, signaling that the Covid-19 pandemic has become another hurdle for the company in its transition to cloud computing.Sales declined 3.4% to $17.6 billion in the period that ended March 31, the Armonk, New York-based company said Monday in a statement. Analysts, who recently updated their projections to adjust for the pandemic, expected revenue of $17.7 billion, according to data compiled by .New Chief Executive Officer Arvind Krishna, who took the reins from Ginni Rometty earlier this month, has the challenge of leading the 108-year-old tech giant through the economic shocks stemming from the coronavirus. Many organizations have delayed major information technology purchases to avoid projects that are expensive, complex and sometimes disruptive to existing business processes. Even before the coronavirus emerged, IBM had struggled to increase sales on a consis
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