Friday, March 29, 2024 | Ramadan 18, 1445 H
clear sky
weather
OMAN
25°C / 25°C
EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

IBM profits drop 7pc in the second quarter

ibm
ibm
minus
plus

New York: Technology giant IBM saw its profits shrink to $2.3 billion in the second quarter, according to results issued after trading on Tuesday. The 7 per cent profit decrease versus same period last year was accompanied by a 5 per cent drop in sales, to $19.3 billion, the company said.


IBM’s share price dropped about 2 per cent after the close in New York on the news, even though profits were higher than analysts expected.


The IT firm has seen a drop in profits from its core software business for 21 quarters in a row but has shown strong growth in other areas.


Founded in 1911 as the Computing-Tabulating-Recording Company, IBM has been trying to reinvent its business focus for some time under CEO Ginni Rometty, towards cloud services, data analysis and artificial intelligence.


“In the second quarter, we strengthened our position as the enterprise cloud leader and added more of the world’s leading companies to the IBM Cloud,” Rometty said on Tuesday.


She added that the computing company was “continuing to innovate” and ‘‘reinventing the IBM mainframe.” — dpa


SHARE ARTICLE
arrow up
home icon