IBM’s Share Price Drops After Weak Third Quarter Report
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IBM(ARMONK, N.Y.) — After reporting disappointing sales and earnings, some painful choices are ahead for the once-invincible IBM.
Its latest quarterly report led to a seven-percent drop for the company’s share price on Monday, plus a smaller decline overnight.
“We are disappointed in our performance,” IBM CEO Ginni Rometty said in a statement Monday. “We saw a marked slowdown in September in client buying behavior, and our results also point to the unprecedented pace of change in our industry.”
Rometty said the company “performed well in our strategic growth areas — cloud, data and analytics, security, social and mobile — where we continue to shift our business.”
She added that IBM will “accelerate this transformation” and will “continue to make the investments and the changes necessary to manage our business for the long term.”
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