Despite seeing a first-quarter earnings beat Wednesday, International Business Machines Corp. (NYSE: IBM) missed on sales estimates, marking the 20th consecutive quarter of declining revenue for the tech giant.
The company strangely “celebrated” this disappointing metric on its earnings call on Tuesday.
As one of the oldest tech companies in the world, IBM has been shifting its business model toward “strategic imperatives” according to the company, including cloud computing, security software, data analytics and intelligence. These portions of the business have accounted for $7.8 billion of IBM’s $18.2 billion revenue in the first quarter.
While IBM’s cloud business has experience significant growth in the past few quarters, it has not been enough to stop the overall decline of IBM’s business.
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