IBM shares hit the bottom-line following its 20th lossy quarter
The company we once knew for its great computers just had its 20th quarter with consecutive year-on-year losses. As the news broke, the company’s share fell to the rock bottom.
IBM’s stock market value dropped by as much as $9 Billion as the company faced more than 5% loss in pre-market trading accounting to a $8 dip in per share value. After the fall, the company’s market value came down to $150.2 billion. The per quarter value decline stood at 3% as compared to that of last year which makes it the 20th consecutive lossy quarter.
IBM announced its quarterly earnings a couple of days back. The company stated to have missed the analyst’s expectations as it experienced its 20 consecutive lossy quarter in the last five years. The company posted that it has earned $18.2 billion in sales last quarter, which was less than what the market spectators were predicting. The company’s adjusted earnings per share stood at $2.38, topping the expectations.
It might also be worth noting that for quite sometime now, the company has been focusing on other technology areas like cloud computing and quantum technology. “In the first quarter, both the IBM Cloud and our cognitive solutions again grew strongly, which fueled robust performance in our strategic imperatives,” Ginni Rometty, Chairman IBM said with the release.
Source — Business Insider