IBM Shares Slide After Revenue Drop Renews Concerns
Company has struggled in its attempt to shift to fast-growing businesses like cloud computing, artificial-intelligence services
Investors drove shares of International Business Machines Corp. lower Wednesday after the company, just three quarters removed from a nearly six-year string of shrinking revenue, reported a drop in its top line again.
Shares sank more than 7% in morning trading to $134.95, shaving about 70 points off the Dow Jones Industrial Average. The drop erased IBM’s 2.8% gain Tuesday and then some, and that level would be the stock’s lowest close of the year. The stock is down more than 11% year to date.
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