This Is The Scariest Sentence From IBM's Awful Earnings Announcement
REUTERS/Albert Gea
Rometty said this in IBM Q3 earnings announcement, which revealed tumbling revenue and profits at the company.
The statement is troubling because as a global provider of business software and services, IBM is a bellwether of business spending. And a boom in business spending is central to the bullish outlooks of many economists and market strategists.
IBM reported declines in all markets: Americas revenue fell 2%, Europe/Middle East/Africa revenue fell 2%, and Asia-Pacific revenue dropped 9%. Management said revenues in its so-called "growth markets" fell 6%, with Brazil, Russia, India, and China revenues falling 7%.
Shares of IBM are down by over 6% in pre-market trading.
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