IBM stock slips after revenue shortfall.
Shares of IBM fell as much as 4 percent on Tuesday after the company said it generated less revenue than analysts had expected in the first quarter.IBM's revenue was down almost 5% from the year-ago quarter, according to a statement. This marks the third consecutive quarter of declining revenue year over year. Previously, IBM had a streak of 22 consecutive quarters of annualized revenue declines that ended in 2017.
In the first quarter IBM said it had sold its mortgage-servicing business to Mr. Cooper Group, and it said that later that this year it would wind down its business of providing working capital to certain kinds of information-technology companies. IBM has changed its reporting structure for the first-quarter earnings report. The company no longer has a Technology Services & Cloud Platforms segment. Now it has Cloud & Cognitive Software and Global Technology Services business segments. The company's consolidated results are unchanged.
The Cloud & Cognitive Software segment -- which contains cognitive applications, cloud and data platforms and transaction processing platforms -- came out to $5.04 billion in revenue, down 1.5 percent.
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