IBM shares drop on weaker-than-expected quarterly revenue
Summary
Arvind Krishna, chief executive officer of International Business Machines Corporation (IBM), wears a protective mask while attending a meeting with U.S. President Joe Biden, not pictured, in the East Room of the White House in Washington, D.C., U.S., on Wednesday, Aug. 25, 2021. Chief executives from across the business world are joining Biden for a discussion on how industry and the federal government can partner to improve cybersecurity in the face of debilitating ransomware and cyberattacks. Photographer: Stefani Reynolds/Bloomberg via Getty Images IBM shares fell 5% in extended trading on Wednesday after the company issued third-quarter results, including lower revenue than analysts had expected. IBM expects to spin out the managed infrastructure part of Global Technology Services, under the name Kyndryl, in early November. During the period, IBM released details on an artificial-intelligence processor and announced plans to buy hybrid cloud consulting companies BoxBoat Technologies and Bluetab Solutions Group.
