IBM Revenues Fall, Confirms Slowing Economy

The New York Times reports,

The results, analysts said, were unlikely to reassure investors concerned about the global outlook for technology spending. In a conference call with analysts, Mark Loughridge, I.B.M.’s chief financial officer, said the revenue shortfall came from a slowdown in business, especially in September, in certain markets including the United States, where revenue fell 5 percent.

“It was surprisingly disappointing,” said A. M. Sacconaghi, an analyst at Sanford C. Bernstein. “All the businesses were light.”

In after-hours trading, I.B.M. shares fell $7.10 a share, or 3.4 percent, to $203.90. In the regular session, the company’s stock price rose 1 percent, or $2.07 a share, to close at $211.00 a share.

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