On April 18, IBM announced quarterly results – and for the first time in eight years missed analyst expectations.
Top-line numbers are declining across the board: quarterly revenue was down 5% year-over-year (3% in constant currency), hardware revenue down 17% (16% in constant currency), and services revenue down 4% (1% in constant currency).
Some new businesses showed respectable revenue growth: for example, cloud revenue up 70% YoY, but these were too small to offset the decline from the larger legacy businesses.
A frequently heard conclusion in the market: this must show a weakness in the overall IT industry:
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